Road King cancels 51% Beijing Shunyi JV acquisition; initiates arbitration to recover RMB172.50 million

Bulletin Express

Jun 16

Road King Infrastructure Limited announced that its planned purchase of a 51% equity stake in Beijing Shunhe Renyi Real Estate Development Co., Ltd.—the project company for the Beijing Shunyi Park Mansion residential development—will not proceed. The seller, Beijing Xuke, is unable to transfer the shares after the interest became subject to a judicial auction initiated by one of its creditors.

The transaction, first disclosed on 12 September 2023, had involved staged consideration payments. Road King has already paid two instalments totalling RMB172.50 million and has begun arbitration proceedings to recover the full amount.

Despite the termination, Road King retains its existing 49% stake in the project company. The Beijing Shunyi Park Mansion development comprises 802 residential units, of which 779 units (about 97% of the total) were pre-sold. Construction has been completed, and 777 units were handed over to buyers in December 2024.

The board provided no further financial impact details but confirmed that the group is actively pursuing recovery of the paid consideration.

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