ZHH advises CREC Baden on its share transfer disputes with Jinqi Sports

Date:2019/07/02 Views:1170

In 2013, Chengdu CREC Baden-Baden Hot Spring Investment Development Co., Ltd. (“CREC Baden”), Dazhou CREC Ruicheng Real Estate Co., Ltd. (“CREC Ruicheng”) and Sichuan Jinqi Sports Club Co., Ltd. (“Jinqi Sports”) signed the Share Purchase Agreement. In 2016, the parties signed the Share Purchase Cancellation Agreement. In 2017, Jinqi Sports filed a lawsuit against CREC Baden and CREC Ruicheng, claiming for the cancellation of the Share Purchase Cancellation Agreement, the return of the deposit and the construction funds, and the payment of interests on the occupation of funds.


In this case, ZHH represented CREC Baden and CREC Ruicheng in the first instance and drafted the petition for appeal in cooperation with the litigation strategy. In the second instance, under the promotion of ZHH's lawyers, the parties negotiated and reached an agreement on the disputed funds. This case was successfully settled by mediation.


Due to complex background, there were continuing disputes between the parties during the performance of this contract, especially over whether this contract could be cancelled. With their solid legal foundation and diligent attitude, an in-depth analysis of the case, ZHH's lawyers proposed compelling evidence and opinions to defend the other party's claims, which were finally supported by the court. After the first instance judgement, in order to act on the best interests of the company, ZHH appealed on the basis of the litigation strategy, and promoted friendly negotiations between the parties during the payment of legal fees to reach an agreement free from litigation exhaustion, which was highly recognized by the client.


This project was led by Partner WANG Fei and handled by Attorneys CHAI Jia and RAN Chunhong.