AllBright Client Wins Prime Land Lawsuit2013-04-2442766
On the morning of April 24, 2013, the Shanghai No.1 Intermediate People’s Court ruled that the Fosun Group won the right of first refusal to purchase the equity in the joint venture set up for the Shanghai Bund 8-1 lot, which the media has dubbed the “Top Land Plot of Shanghai.” AllBright represented Fosun in the case.
The court’s first-instance judgment upheld all claims of the Fosun Group and declared that among the six subsidiaries of Zendai Group, SOHO China and Greentown Group the transaction agreements in respect to this case were invalid on the grounds that the defendants infringed upon the right of first refusal of the Fosun Group, destroyed the people-based partnership nature of the joint venture, which limited the types of transactions concerning the company’s equity that could occur, and attempted to disguise their illegal activities as legal ones. The judgment also ordered the defendants to restore the equity interests and property in question to their respective original conditions.
The AllBright lawyer team was led by senior partner Guo Rui and consisted of several other associates with the AllBright Law Offices, including Leo Wang.