Lujiazui Holding Subsidiary's 1.83 Billion Yuan Debt Litigation Procedure Concluded; No Executable Assets Found Yet

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Shanghai Lujiazui Financial Trade Zone Development Co., Ltd. (hereinafter referred to as “Lujiazui”) recently announced that a debt litigation case involving its controlling subsidiary, Lujiazui International Trust Co., Ltd. (hereinafter referred to as “Lujiazui International Trust”), with an amount of 1.83 billion yuan, has entered the final stage of enforcement. The Shanghai Financial Court, having found no assets available for enforcement, legally decided to terminate this enforcement procedure, but Lujiazui International Trust reserves the right to reapply for enforcement if assets are discovered in the future.

It is reported that this case originated from a bond transaction debt dispute between Lujiazui International Trust and Nanjing Shirong Real Estate Co., Ltd., Nanjing Shimao Real Estate Development Co., Ltd., Wuhu Shimao New Development Real Estate Co., Ltd., Nanjing Shimao New Development Real Estate Co., Ltd., and Shanghai Shimao Construction Co., Ltd. Lujiazui International Trust filed a lawsuit and applied for property preservation in 2022. After first and second instance proceedings, the court ruled that the defendant should repay the principal of 1.83 billion yuan along with interest, liquidated damages, legal fees, preservation fees, litigation costs, and others. Since the debtor did not fulfill the effective judgment, Lujiazui International Trust applied for compulsory enforcement in July 2023.

During the enforcement process, Lujiazui International Trust established the “Lujiazui Trust - Kun Yue No. 1 Property Rights Trust” to acquire and dispose of the involved debt claims, and in October 2025, was designated as the applicant for enforcement in this case. Recently, the Shanghai Financial Court issued an enforcement ruling indicating that due to the involved mortgaged real estate being temporarily unsuitable for disposal, and after exhausting property investigation measures without discovering other assets available for enforcement, the enforcement procedure was lawfully terminated.

Lujiazui stated that the applicant had previously taken preservation measures on the mortgaged assets involved in the litigation. The current enforcement outcome is not expected to have a significant impact on the company’s current or future profits. The company will closely monitor the case’s progress, handle accounting in accordance with accounting standards and actual circumstances, and fulfill disclosure obligations in a timely manner.

As of the date of this announcement, there are no new developments in other pending lawsuits or arbitration cases disclosed by Lujiazui.

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Editor: Xiao Lang Kuai Bao