On May 28, SINOMACH (01207.HK), a subsidiary of China Minsheng Investment, announced that the board of directors will submit an ordinary resolution at the annual general meeting in accordance with the company’s rules to remove Peng Xinkuang and Chen Donghui as executive directors, and Peng Xinkuang is exempted. While serving as the company’s executive director, he will no longer serve as the company’s chief executive officer. According to the schedule, the general meeting of shareholders will be held in Hong Kong on the morning of June 29, 2020.
On February 28 this year, the Shanghai Real Estate Group issued an announcement that the Chinese public security department had imposed restrictions on executive director Peng Xinkuang, and the Shanghai Huangpu District People ’s Procuratorate had approved Peng Xinkuang was arrested on suspicion of crime of occupation of occupation. On the other hand, executive director Chen Donghui was summoned and detained by the public security department under the Chinese law for alleged crime of occupation. Since February 28, 2020, all administrative and executive duties and powers of Peng Xinkuang and Chen Donghui in the Company have been suspended.
The above-mentioned group said that the above-mentioned circumstances make people doubt whether Peng Xinkang and Chen Donghui are suitable to continue to perform their duties as executive directors. Therefore, the board of directors believes that it is not in the interest of the company and shareholders to allow Peng Xinkuang and Chen Donghui to continue to serve as directors, so it is recommended to submit ordinary resolutions at the annual general meeting in accordance with the company’s rules to remove Peng Xinkuang and Chen Donghui as executive directors. Peng Xinkuang will no longer serve as the company’s chief executive when he is removed from the company as an executive director.
According to Article 271 of the Criminal Law of the People ’s Republic of China, the crime of occupation of occupation is the personnel of a company, enterprise or other unit, taking advantage of the convenience of the job, Illegal possession of the property of this unit as its own. If the amount is large, it shall be punished with fixed-term imprisonment of not more than five years or detention; if the amount is large, it shall be punished with fixed-term imprisonment of more than five years, and the property may be confiscated.
As early as January of this year, Peng Xinkuang was asked by the public security department to be investigated for personal reasons and adopted restrictive measures. According to the internal staff of the Shanghai Real Estate Group, in mid-January of this year, Peng Xinkuang did not appear in the company for several days and was unable to contact him normally. At that time, the internal situation was not yet known.
At present, Reid is the executive director of the company, as well as the chairman of the board of directors, the chairman of the nomination committee and investment committee, and the agent of legal procedures to replace Peng Xinkang. Executive Director Zhu Qiang is the acting chief executive officer of the company, and Zhu Qiang will handle (among others) the duties of the company’s chief executive officer.
People ’s previous announcement showed that 44-year-old Peng Xinkuang was appointed as the executive director and chief executive officer of SDI on December 4, 2015. On October 24, 2017, Peng Xinkuang was transferred to the company’s board of directorsThe chairman and chairman of the investment committee and appointed as chairman of the company’s nomination committee, then Peng Xinkang no longer served as the group’s chief executive officer.
As of July 18, 2019, Ping Xinkuang, the executive director and chairman of the board of directors of the SIPO Group, announced that he has been appointed as the company ’s chief executive officer.
It is worth mentioning that Peng Xinkuang had previously served as chairman of Zhongmin Jiaye Investment Co., Ltd. and director of Sunshine City Group. However, in October 2019, Peng Xinkang successively resigned from the above positions.
On October 10, 2019, China Minsheng Jiaye announced the change of coaching. Zhongmin Investment held a meeting of cadres of Zhongmin Jiaye in Shanghai and recommended 54-year-old Lei Dechao as chairman of Zhongmin Jiaye.
On October 25, 2019, Sunshine City Group Co., Ltd. issued an announcement that Director Peng Xinkuang applied for resignation from his company.
The official website shows that the Shanghai Real Estate Group was listed on the Hong Kong Stock Exchange in 1999 and became a member company of China Mining Jiaye under China Mind Investment Group in 2015. At present, it has deployed more than 20 cities including London, San Francisco, Sydney, Hong Kong, Beijing, Shanghai and many other high-end residential and complex projects.
In terms of real estate sales, the 2019 annual report shows that its properties for sale in 2019 mainly include Beijing Chenfang Yayuan, Shanghai Celebrity World, Jiaxing Xiangfu, Shanghai Oasis Ya Bentley Garden , Chengdu Oasis Ya Bingli Garden, Cambodia Phnom Penh Impression and London Yadrier and other projects. Throughout the year, the Group, together with its joint ventures and associates, completed a total contract sales of approximately RMB 2.772 billion, with a contracted sales floor area of approximately 102,855 square meters.
For Shanghai Real Estate Group, since 2019, due to the default of the major shareholder ’s debt and liquidity difficulties, the operation of Shanghai Real Estate Group has also been affected, and In August 2019, it released its first warning of losses in three years and wanted to sell the project to pay off its debts. After quitting two overseas projects and the Shenyang Ya Bingli Garden project successively, on May 22 this year, Shanghai Real Estate announced its plan to withdraw from the Shanghai Huafu No. 1 project and decided to sell 1.8% of Shanghai Jinxin’s 51% stake.