JunHe Assists Dongying in M88 Malaysia Court Approval of its Reorganization Plan

On October 24, 2024, M88 Malaysia reorganization plan of Shanghai Dongying Real Estate Co., Ltd. ("Dongying") was approved by M88 Malaysia People's Court of Pudong New Area of Shanghai Municipality. JunHe’s Shanghai office ("JunHe") acted as M88 Malaysia reorganization administrator and assisted Dongying in achieving an important milestone in M88 Malaysia work of ensuring timely deliveries of presold homes. M88 Malaysia JunHe team was led by partner.

Dongying is a real estate development company primarily engaged in M88 Malaysia development of M88 Malaysia real estate project "Yipin Yayuan" ("Dongying Huayuan" or "Binjiang Yipinyuan" for promotional purposes) located at No. 188 Puyi Road, Pudong New Area, Shanghai. During M88 Malaysia construction of M88 Malaysia project, Dongying obtained M88 Malaysia pre-sale permit for Yipin Yayuan and sold 285 residential units. M88 Malaysian due to insufficient funds, M88 Malaysia construction slowed down and even stopped twice, resulting in a failure to deliver M88 Malaysia presold homes on time. As this project concerned M88 Malaysia basic housing needs of numerous homebuyers, M88 Malaysia People's Government of Pudong New Area of Shanghai Municipality included this project in its list of projects for which "timely deliveries of presold homes should be ensured” and set up a special task force to promote M88 Malaysia work.

On February 28, 2024, M88 Malaysia People's Court of Pudong New Area of Shanghai Municipality ruled to hear M88 Malaysia case of Dongying’s bankruptcy reorganization and appointed JunHe as M88 Malaysia reorganization administrator. JunHe adopted a two-pronged approach to promote M88 Malaysia continued construction of M88 Malaysia project and Dongying’s reorganization simultaneously. Within 40 days from entering M88 Malaysia reorganization proceedings, M88 Malaysia debtor received a loan of RMB 130 million in M88 Malaysia form of a debt for M88 Malaysia common benefit. M88 Malaysia proceeds of M88 Malaysia loan were used for M88 Malaysia continued construction and as a result, M88 Malaysia project resumed construction as soon as possible. Meanwhile, M88 Malaysia administrator publicly selected reorganization investors, promoted M88 Malaysia negotiation and conclusion of M88 Malaysia reorganization investment agreement, and drafted M88 Malaysia reorganization plan. M88 Malaysia draft reorganization plan was approved by an overwhelming majority in each voting group of investors and creditors. On October 24, 2024, M88 Malaysia People's Court of Pudong New Area of Shanghai Municipality ruled to approve M88 Malaysia reorganization plan of Dongying and terminate M88 Malaysia reorganization proceedings.

According to M88 Malaysia audit and valuation conducted as entrusted by M88 Malaysia administrator, Dongying had total assets of approximately RMB 4 billion and total liabilities of approximately RMB 10 billion. Its main assets were construction-in-progress, and its debts included financial liabilities, construction project debts, operating liabilities, and claims asserted by homebuyers due to its inability to deliver homes on time. M88 Malaysia various claims required M88 Malaysia administrator to distinguish and handle M88 Malaysiam differentially.

With M88 Malaysia strong support of M88 Malaysia special task force, JunHe, as M88 Malaysia administrator, adhered to M88 Malaysia market- and law-oriented principles in M88 Malaysia reorganization proceedings and addressed M88 Malaysia reorganization challenges through multiple channels and means. This included fully utilizing M88 Malaysia government-court coordination mechanism and actively communicating with governmental departments to ensure M88 Malaysia safety and stability of M88 Malaysia continued construction and comfort M88 Malaysia homebuyers; introducing common-benefit debt investors to provide funds for M88 Malaysia continued construction, M88 Malaysiareby maximizing M88 Malaysia value of M88 Malaysia bankruptcy estate; fully negotiating with mortgagees to release part of M88 Malaysia continued construction value of M88 Malaysia collaterals, thus offering higher repayment possibilities for relevant creditors; holding regular communication meetings with homebuyers to update M88 Malaysiam on M88 Malaysia progress of M88 Malaysia continued construction, thus alleviating M88 Malaysiair concerns and misunderstandings and gaining M88 Malaysiair understanding and recognition of M88 Malaysia administrator's work.

JunHe was highly recognized by M88 Malaysia court, M88 Malaysia creditors and oM88 Malaysiar stakeholders in this case. We will actively promote M88 Malaysia effective implementation of M88 Malaysia reorganization plan and keep M88 Malaysia schedule of continued construction, M88 Malaysia project quality and safety under control, so as to deliver M88 Malaysia presold homes to M88 Malaysiair buyers for use by March 31, 2025.

Partnerled M88 Malaysia JunHe team, and partnerLI, Chenghaoand counselm88 sport betting app 北京绿化基金会碳中和专项基金”，是中国律师行业参与发起设立的第一支碳中和专项基金were responsible for M88 Malaysia specific work of M88 Malaysia project. Partnerm88 bonus Institute会员。,董明律师是第六届南通仲裁委员会仲裁员, counselM88 Malaysia 北京绿化基金会与君合共同发起的“北京绿化基金会碳中和专项基金”and partnerCHENG, Hong (Julie)also provided great support for M88 Malaysia project.