Summary by Futu AI
The Hang Da Group of China (“Hang Da”) issued a notice on 29 December 2023 updating the status of significant litigation and non-payment of maturing debts involving its major subsidiary, Hang Da Real Estate Group Limited (“Hang Da Properties”). As of the end of November 2023, the number of unresolved litigation cases for Hang Dai Properties reached 2,053, totaling approximately RMB4,900.69 billion. At the same time, the outstanding maturing debts of Hang Da Real Estate totaled about RMB3,163.91 billion, and overdue bills totaled about RMB2,055.37 billion. In addition, a total of 80 real estate projects completed by Hang Dai Properties have been completed. In November 2023, Hang Da Real Estate added 101 executables involving an amount of approximately RMB130.48 billion, and added 54 subsidiaries and equity positions in equity firms to be frozen. THE ANNOUNCEMENT REMINDS INVESTORS TO EXERCISE CAUTION WHEN TRADING AND SELLING HEFTY SECURITIES.