Chinese developer Sunshine 100 says it is assessing impact of liquidation order against controlling shareholder Joywise Holdings
- Joywise holds 64.77 per cent of Sunshine 100’s shares
- Sunshine 100 has defaulted on notes in 2021 and last year, and as of June last year, its total loans in both the yuan and US dollars amounted to 27.39 billion yuan
Embattled mainland Chinese property developer Sunshine 100 is evaluating the impact of a winding-up order for its controlling shareholder, whose beneficiaries include its chairman and executive director, according to a filing with the Hong Kong exchange.
Sunshine 100 said it had recently been informed of the winding-up order, issued by a Hong Kong court dated January 17, against Joywise Holdings, which holds 64.77 per cent of the developer’s shares.
The Beijing-based developer said it “is assessing the impact that the winding-up order against Joywise may have on the business operation and financial position of the company”.
“Shareholders of the company are reminded that the order is made against Joywise and not the company,” Sunshine 100 said.
Joywise is held by family trusts whose beneficiaries include Sunshine 100’s chairman and executive director, Yi Xiaodi, executive director Fan Xiaochong and non-executive director, Fan Xiaohua.
The winding-up petition was filed by Haitong International Securities with a Hong Kong court in August last year, after Joywise was unable to repay Haitong HK$386.8 million (US$49.45 million) by June. The loan was extended in 2019, with Joywise pledging 964.8 million shares of Sunshine 100 to Haitong, according to the developer’s filing in August.