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China International Holdings Limited ( (SG:BEH) ) just unveiled an announcement.
China International Holdings Limited has disclosed that two wholly owned subsidiaries, CIHL (Tianjin) City Development and Yichang Zhongjia Xinye Asset Management, have been named as defendants in legal proceedings in China relating to debts owed by a third-party real estate developer, Yichang Zeyou. The plaintiff seeks to impose joint and several liability on the subsidiaries for up to RMB 11 million and within the value of a specific property, indicating potential contingent exposure for the group.
The Yiling District Court has also frozen bank accounts held by the two subsidiaries at several Chinese banks, with frozen amounts of about RMB 2.96 million and RMB 0.26 million, although the actual balances at the time of freezing were minimal. The company plans to engage legal counsel and update shareholders on material developments, while advising investors to exercise caution, underscoring legal and operational risks around its China-related real estate activities.
More about China International Holdings Limited
China International Holdings Limited is a Bermuda-incorporated investment holding company with operations in mainland China through wholly owned subsidiaries such as CIHL (Tianjin) City Development Limited and Yichang Zhongjia Xinye Asset Management Co. The group is involved in city development and asset management activities within the Chinese real estate and infrastructure sectors.
Average Trading Volume: 24,916
Technical Sentiment Signal: Strong Sell
Current Market Cap: S$2.59M
Find detailed analytics on BEH stock on TipRanks’ Stock Analysis page.