Gree Real Estate's latest claim news:
On May 11, 2024, Xie Baoping's financial and securities team submitted a new batch of materials to the Intermediate People's Court of Zhuhai City, Guangdong Province, to file a new batch of claims filed by investors 600185 Gree Real Estate. These investors sued Gree Real Estate for damages caused by its misrepresentation and demanded compensation.
Prior to this, on September 29, 2023, 600185 Gree Real Estate issued an announcement on the company's receipt of the "Administrative Penalty Decision", stating that on September 28, 2023, the company received the "Administrative Penalty Decision" ([2023] No. 20) issued by the Guangdong Supervision Bureau of the China Securities Regulatory Commission.
After investigation, Gree Real Estate has the following illegal facts:
1. In the inventory impairment test from 2018 to 2021, Gree Real Estate overestimated the net realizable value of inventory and underestimated the provision for inventory decline by selecting the saleable area and comparable selling price of the two real estate projects of its subsidiary Shanghai Haikong Baolian Real Estate Co., Ltd. "Haide No. 1" and Shanghai Haikong Tailian Real Estate Co., Ltd. "Park Haide", and the incorrect selection of the comparable selling price of the P19 plot of the "Chongqing Liangjiang" real estate project of Gree Real Estate Co., Ltd. in Chongqing Liangjiang New Area.
2. From 2018 to 2021, Gree Real Estate accumulated a total of under-mentioned inventory impairment, resulting in an overstated net profit of 626,386,989.85 yuan. At the same time, in 2022, Gree Real Estate overstated the inventory impairment and understated the profit by 626,386,989.85 yuan, accounting for 23.34% of the absolute value of the net profit hole in the current year. As a result of the above-mentioned matters, there were misstatements in the 2018 annual report, 2019 annual report, 2020 annual report, 2021 annual report, 2022 annual report, "21 grid 02", "22 grid 02" and "23 grid 01" bond issuance announcements, prospectuses and other documents, as well as the 2018 annual report, 2019 annual report and 2020 annual report of the interbank bond market.
According to the Securities Law and the Several Provisions of the Supreme People's Court on the Trial of Civil Compensation Cases Arising from False Statements in the Securities Market, listed companies shall be liable for civil compensation if their rights and interests are damaged due to illegal information disclosure and misrepresentation, and the injured investors have the right to claim compensation for losses.
Gree Real Estate investors can refer to the following claim conditions:
Those who bought 600185 Gree Real Estate between April 30, 2019 and July 13, 2023, and sold or held it after July 14, 2023 (inclusive).
The above claim registration conditions only represent the views of Xie Baoping's lawyer team, and are not used as any securities investment decisions and trading suggestions, and are subject to the final determination of the court.
Basis for Gree Real Estate's violation:
On July 12, 2023, Gree Real Estate received the Notice of Case Filing (No. 0062023017 Zheng Jian Case Filing) issued by the China Securities Regulatory Commission.
On September 26, 2023, Gree Real Estate received the "Advance Notice of Administrative Punishment" issued by the Guangdong Supervision Bureau of the China Securities Regulatory Commission (Guangdong Zheng Jian Zhi Zi [2023] No. 23).
On September 28, 2023, Gree Real Estate received the Administrative Penalty Decision ([2023] No. 20) issued by the Guangdong Supervision Bureau of the China Securities Regulatory Commission.