Zhitong Finance App News, Tongji Technology (600846.SH) announced that the company received the “Civil Ruling” issued by the Shanghai Third Intermediate People's Court (“Shanghai Third Intermediate Court”) on May 29, 2024, ruling: 1. Approve the “Shanghai Lurun Real Estate Co., Ltd. Reorganization Plan (Draft)”; 2. Terminate the restructuring process of Shanghai Lurun Real Estate Co., Ltd.
According to reports, Shanghai Tongcheng Real Estate Co., Ltd. (“Tongcheng Real Estate”), which is wholly-owned by the company, will acquire 100% of the shares of Shanghai Lurun Real Estate Co., Ltd. (“Lurun Real Estate”) with a self-funded investment of 1,115 million yuan, will settle the creditors of Lurun Real Estate and pay bankruptcy expenses in accordance with the “Shanghai Lurun Real Estate Co., Ltd. Reorganization Plan (Draft)” decided in the ruling, and fulfill all the obligations of the restructuring investors in the “Reorganization Plan”. The 50 million yuan security deposit paid by the company in the early stages will be converted into an investment fund for restructuring.