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The Company’s PRC subsidiaries are faced with ongoing litigation and potential enforcement cases arising out of the subsidiaries’ alleged failure to settle outstanding payments under relevant construction contracts. One of Nam Tai’s lending banks has informed the Company that the conditions for acceleration have been triggered on a loan of approximately US$81 million drawn by certain of the Company’s subsidiaries in China during the tenures of former executives Wang Jiabiao and Zhang Yu, who are long-standing affiliates of Kaisa

Nam Tai Property Provides Corporate Updates

Nam Tai’s reconstituted Board of Directors (the “Board”) continues to engage in productive discussions with local policymakers and regulators, while also working with legal counsel to pursue claims, across multiple jurisdictions, against Wang Jiabiao, Zhang Yu, Greater Sail Limited and Kaisa Group Holdings Limited (collectively with its affiliates, “Kaisa”). These efforts are intended to help the Board obtain the seals for the Company’s Chinese subsidiaries and prevent Kaisa and its allies from continuing to destabilize local affairs for their own benefit

By AP News
Published - Nov 18, 2022, 02:04 PM ET
Last Updated - Apr 26, 2024, 07:24 AM EDT

NEW YORK--(BUSINESS WIRE)--Nov 18, 2022--

Nam Tai Property Inc. (OTC Expert Market: NTPIF) (“Nam Tai” or the “Company”) today provided the following corporate updates:

  • Efforts to Obtain On-Shore Control – Nam Tai’s reconstituted Board of Directors (the “Board”) continues to engage in productive discussions with local policymakers and regulators, while also working with legal counsel to pursue claims, across multiple jurisdictions, against Wang Jiabiao, Zhang Yu, Greater Sail Limited and Kaisa Group Holdings Limited (collectively with its affiliates, “Kaisa”). These efforts are intended to help the Board obtain the seals for the Company’s Chinese subsidiaries and prevent Kaisa and its allies from continuing to destabilize local affairs for their own benefit.

    Specifically, the Company has been pursuing various legal strategies to obtain on-shore control in China: 
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