China Evergrande announced on the evening of the 12th that it had received an enforcement notice from the Guangzhou Intermediate People’s Court in Guangdong Province on the arbitration award of the Shenzhen International Arbitration Court. The notice said that the company, its subsidiaries, namely Guangzhou Kailong Real Estate Co., Ltd., and the company’s controlling shareholder and executive director Xu Jiayin were the persons subject to the enforcement notice.
The announcement shows that according to the implementation notice, the matters to be executed are: (1) Guangzhou Kailong and Xu Jiayin pay the difference in the dividend of Evergrande Real Estate in 2020 about RMB 204 million yuan, and bear liquidated damages of about RMB 51.53 million yuan; (2) Xu Jiayin and the company repurchase the equity of Evergrande Real Estate held by the arbitration applicant in RMB 5 billion yuan; (3) the company pays the arbitration applicant to hold Evergrande Real Estate from February 1, 2021 to complete the repurchase of compensation of about RMB 770 million yuan; and (4) the company, Guangzhou Kailong and Xu Jiayin pay about RMB 35.53 million yuan in legal fees, arbitration fees and enforcement fees.
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