Yida China faces RMB 746.50 million early-repayment lawsuit from SPD Bank’s Dalian branch

Bulletin Express04-20

Yida China Holdings Limited (Yida China) disclosed that its indirect wholly-owned unit, Dalian Software Park Company Limited (DLSP), has been sued by Shanghai Pudong Development Bank Co., Ltd., Dalian Branch (SPD Dalian) in the Shanghai Financial Court. SPD Dalian seeks immediate repayment of the remaining loan principal of RMB 746.50 million, plus contractual interest, penalty interest and compound interest, and litigation costs.

The disputed facility dates back to January 2016, when SPD Dalian extended a commercial property loan of RMB 1.02 billion to DLSP under a contract maturing on 31 December 2030. The loan currently carries a 4 percent interest rate and is secured by mortgages over approximately 146,500 square metres of DLSP’s properties.

SPD Dalian alleges DLSP breached a funds-supervision agreement after rent from one tenant was not paid into the designated escrow account, constituting an event of default. Besides full repayment, the bank is seeking judicial confirmation of its mortgage rights and priority claims on the proceeds from any disposal of the eight mortgaged properties.

Yida China stated that, up to the lawsuit’s initiation, the loan had been serviced normally. Management contests the bank’s grounds for accelerating repayment and is obtaining legal advice while assessing potential financial impacts. Further updates will be provided as the case progresses.

The company urges shareholders and investors to remain aware of the litigation risks and exercise caution when dealing in its securities.

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