Jinke Property Group: Major subsidiary lawsuits advance to second appeals, retrial

Jinke Property Group announced developments in two significant litigation cases concerning its subsidiaries, totaling approximately CNY 1.096 billion. In the first case, involving a subsidiary as a defendant and a claim of approximately CNY 628 million, the first-instance judgment has been appealed by Xianyang Jiasunrun Real Estate Development Co., Ltd. and is awaiting a second trial.

The second case, with a claim of approximately CNY 468 million, has seen a retrial application accepted by the Supreme People's Court. The original plaintiff, Xi'an Tangrun Real Estate Development Co., Ltd., is seeking to overturn previous judgments that absolved Jinke's subsidiary of civil liability. The Supreme People's Court recently issued a "Notice of Response to Litigation" for this retrial process.

Both cases involve Jinke's current controlling subsidiaries, whose assets are designated as underlying assets within Jinke's restructuring plan. The company stated it would account for these developments in accordance with its restructuring plan and relevant accounting standards, emphasizing continuous monitoring and compliance with disclosure requirements.