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0.0118085106382979 0.0118085106382979 -0.00496453900709209 -0.00496453900709209 -0.00496453900709209 0.00248226950354624 0.00638297872340437 0.00638297872340437
Stock impact report

China court orders developer SRE to sell majority stake in Shanghai venture to repay loans [Yahoo! Finance]

CHINA CONSTR BK UNSP/ADR (CICHY) 
NASDAQ:AMEX Investor Relations: ccb.com/en/newinvestor/index.html
Company Research Source: Yahoo! Finance
SRE, a unit of embattled conglomerate China Minsheng Investment Group, said four units that collectively held 51 per cent of Shanghai Jinxin were unable to fulfil their obligations under a court order to pay the loans. They were also ordered to separately pay 4.52 million yuan of "enforcement fee" by the court. The loan originated from a 5 billion yuan syndication arranged by Industrial & Commercial Bank, Agricultural Bank of China, China Construction Bank and Shanghai Pudong Development Bank. The borrowers have failed to service the loan since March 2022, according to the filing. Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge , our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team. The order issued by the Shanghai Financial Court represents yet another judicial intervention sought by creditors as more distressed mainland home builders st Show less Read more
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