The Qianhai court previously ordered that Mr. Wang and Ms. Zhang – who have long-standing ties to the Kaisa Group – should not be allowed to use corporate chops and business licenses
SHENZHEN, China, August 18, 2022–(BUSINESS WIRE)–Nam Tai Property Inc. (NYSE: NTP) (“Nam Tai” or the “Company”) today announced that the Shenzhen Qianhai Cooperation Zone People’s Court (the “Court “) had granted its subsidiary’s request to freeze the bank accounts and assets of Wang Jiabiao and Zhang Yu, who were terminated by the company’s reconstituted Board of Directors (the “Board”) during the fourth quarter of 2021. This follows the recent court order that prohibited Mr. Wang and Ms. Zhang from using the business chops and business licenses of Nam Tai Investment (Shenzhen) Co., Ltd. (“Nam Tai Investment”), an indirect wholly-owned subsidiary of the Company, in an ongoing litigation. Mr. Wang and Ms. Zhang, who are long-time affiliates of Kaisa Group Holdings Limited (collectively with its affiliates, “Kaisa”) and who have spent the past several months purporting to represent Nam Tai Investment, are not authorized to dispel assets of Nam Tai Investment and entering into new corporate agreements on behalf of Nam Tai Investment.
Michael Cricenti, President of Nam Tai, commented:
“We are pleased to continue to make progress and maintain the momentum of our legal strategy. By obtaining this court order, we have made it more difficult for Mr. Wang and Ms. Zhang to meddle in Nam Tai’s cases and undermine local stability Our plan is to continue to actively pursue claims against Mr. Wang, Ms. Zhang and Kaisa, while engaging in good faith discussions with policy makers to demonstrate our commitment to making long-term investments in across mainland China. Our board will continue to do everything in its power to gain control ashore and achieve lasting value for stakeholders.”
Certain statements included in this announcement, other than statements of historical fact, are forward-looking statements. Forward-looking statements can generally be identified by the use of forward-looking words such as “may”, “could”, “may”, “could”, “will”, “should”, “plan”, “believe”, “continue”. ‘, ‘estimate’, ‘expect’, ‘plan’, ‘intend’, ‘plan’, ‘seek’ or ‘schedule’. These forward-looking statements, which are subject to risks, uncertainties and assumptions, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business and the industry in which we operate. These forward-looking statements include, among other things, statements regarding the anticipated effects of the order, the Company’s plans and expectations regarding litigation and regulatory actions in the process of obtaining control ashore, its ability to obtain control onshore, and its ability to generate sustainable value for stakeholders. These statements are only predictions based on our current expectations regarding future events. There are several factors, many of which are beyond our control, that could cause results to differ materially from our expectations, including, among others, the future actions of Mr. Wang and Ms. Zhang, the Company’s success in with respect to its litigation and regulatory actions, other impediments to onshore takeover, timing of onshore takeover and general market conditions in the real estate industry. Each of these factors could, alone or in combination with one or more other factors, adversely affect our business, results of operations or financial condition. There may also be other factors not currently known to us or that we have not described that could cause our results to differ from our expectations. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. You should not rely on forward-looking statements as predictions of future events. These forward-looking statements speak only as of the date of this announcement; as such, they should not be unduly invoked as circumstances change. Except as required by law, we are under no obligation, and we assume no obligation, to publicly release any revisions to these forward-looking statements that may reflect events or circumstances occurring after the date of this announcement or those that may reflect the occurrence of unforeseen events. events.
About Nam Tai Property
Nam Tai Property Inc. is an owner-operator of commercial real estate projects across China. The Company currently manages two industrial complex projects, one in Guangming, Shenzhen and the other in Bao’an, Shenzhen. To learn more about the company’s portfolio and strategic priorities, email our Investor Relations team or visit Weibo: https://weibo.com/u/7755634761.
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Greg Marose/Ashley Areopagita, 646-386-0091