The High Court approved the sale of Tongshenjing Garden for RMB 810 million

Capital Development (Singapore) CEO Zheng Wenhui and Huaye Group CEO Jian Weixin jointly issued a statement saying: "We are pleased to expand our joint venture real estate portfolio through this strategic acquisition. The progress made in this transaction allows us to resume cooperation and combine the professional capabilities of both parties to inject vitality into this prime residential property."

According to the overall development blueprint for 2019, this area is classified as residential use with a floor area ratio of 2.1. Based on the average residential area of ​​85 square meters, it can build up to 1,240 private housing units, and is expected to develop into one of the largest private housing projects in recent years.

The collective sales committee of Tongshenjing Garden also filed a lawsuit with the High Court for approval of the transaction.

Town Sung Kwai Garden, located on Bright Hill Drive, was sold to a consortium composed of Singapore Land and Capita Development, a subsidiary of UOL for RMB 810 million last November. The transaction price was 12% lower than the original price of RMB 918 million. However, six homeowners objected to the Deed Deeds Bureau, so much so that the Deed Deeds issued a ban on the apartment in March this year.

In addition, a total of 211 owners signed the collective sales agreement, but only 206 signed the affiliated agreement. Lin Yinqian then instructed the law firm on behalf of the Group Sales Committee to submit an affidavit to explain the differences between the Group Sales Agreement and the affiliated agreement and why the number of people who signed the two agreements was different.

The High Court approved a collective sale transaction for the private housing project Thomson View.

She also ruled that six homeowners who opposed the market sales will pay the 5,000 yuan expenses and 3,829.20 yuan expenses from the market sales committee.

According to the Business Times, High Court Judge Lin Yinqian said in court on Tuesday (July 1): "I approved the sale application after considering the further affidavit submitted by the respondent and the owner of the stratified deed unit did not object."

The

group sales transaction was approved, and each family is expected to receive 2.22 million yuan to 4.94 million yuan, and the only store owner in the project can receive 3.87 million yuan.

If calculated based on the transaction price of RMB 810 million, the floor area ratio is RMB 1,178 per square foot, which includes land value-added fees and the cost of filling the land deed to 99 years.

The latest ruling of the High Court is very different from the situation at the hearing held in May. At that time, Lin Yinqian pointed out that among the 206 owners who signed the collective sales agreement, some of them signed the signature after the specified 12-month collective sales period, so as to reach the minimum threshold for 80% of the owners to agree.