In late 2013, the United International Building Project developed by Chongqing Maijike Real Estate Development Co., Ltd was facing a number of disadvantages including seizure of houses by the creditors due to failure to repay the mortgage claims, no online signing due to failure to release seizure or mortgage, and no acceptance upon completion after suspension of work due to delay on the contract price, leading to more than 800 house purchasers to petition for help to the government departments and the people's courts.
In order to resolve such problems, we proposed a package of solutions, including purchasing the mortgage creditor's claims by a state-owned company, investigating these purchasers, and handling mortgage release, seizure release, online signing and certificates for real house purchasers, and selling houses to repay the project amount; supervising the official seal, contract, funds, accounts, sales, etc. of this project by the leading group office of Yuzhong District for long unfinished projects to protect the security of claims held by the state-owned company. Finally, after this project was accepted upon completion in early 2014, all real purchasers received houses and applied for housing-ownership certificates. RMB 100 million was received by the state-owned company for repayment, with the remaining claims secured by collateral.
This project was led by Partner ZHANG Yong and handled by Attorney SONG Qin.