On July 5, St Xinmei issued a notice. The company received the People's Court of Jiangyin City, Jiangsu Province on July 4, 2019《民事判决书》. The Jiangyin City People's Court of Jiangsu Province requested Jiangyin Xinmei Real Estate Development Co. Ltd. to make a total of 13.8411 million yuan of construction funds and liquidated damages to Jiangsu Hongsheng Construction Engineering Group Co. Ltd. within 10 days from the date of the legal effect of this judgment.
At present, Shanghai Xinmei Real Estate Co. Ltd. (ST Xinmei) is in the stage of reorganization of major issues. It is not known whether the judgment at this time has an impact on ST Xinmei.
According to the content of the judgment, it can be seen that ST Xinmei has a large amount of delayed payment partner, and the delayed payment amount is as high as 66.602 million yuan.
The reason for the prosecution was due to the fact that Jiangyin Xinmei Real Estate Development Co. Ltd. a subsidiary of the company, was due to the construction of the roofing waterproofing and exterior wall maintenance during the warranty period due to the construction of the Haobuska project of Jiangsu Hongsheng Construction Engineering Group Co. Ltd. and the construction of Jiangsu Hongsheng Engineering Group Co. Ltd. did not perform maintenance as agreed in the agreement, so Jiangyin Xinmei did not pay the remaining balance of the remaining warranty.
According to the content of the judgment, it can be seen that the company's subsidiaries have excessively deducted the final payment of Jiangsu Hongsheng Construction Engineering Group Co. Ltd. and the actual maintenance cost is 2,724,700 yuan. It is clear in the judgment that both parties bear their own expenses. According to the maintenance cost of 2,724,700 yuan, Jiangyin Xinmei Real Estate Development Co. Ltd. is responsible for 128,455 yuan, and Jiangsu Hongsheng Construction Engineering Group Co. Ltd. is responsible for 221,545 yuan.