Excellence Commercial Property & Facilities Management Group's (HKG:6989) subsidiary Shenzhen Excellence Operation Management will not pay the third installment of 45 million yuan of the consideration of the acquisition of 75% equity interest in Beijing Global Wealth Property Management, a Friday filing with the Hong Kong exchange said.
Shenzhen Excellence Operation Management purchased a 75% equity interest in Beijing Global Wealth Property Management from Beijing Shiyuan Guanghua Real Estate Development, Beijing Guanghua Road No. 5 Trading for 225 million yuan.
Huibo Parking Development (Shanghai) had filed a claim against Beijing Global Wealth Property Management and Beijing Global Wealth Property Management regarding the outstanding parking space usage fee and management fee with respect to agreements entered into by the relevant parties on Oct. 29, 2022.
The People's Court of Chaoyang District Beijing ordered the defendants to pay 4.9 million yuan to Huibo Parking. The appeal made by the defendants was also dismissed by the No. 3 Intermediate People's Court of Beijing.
The final decision is now in the enforcement stage.
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