ST Development announced that its holding subsidiary Zhenjiang Xincheng Real Estate Development has been hit with a property preservation application by Jiangsu Wanyuan Construction Group, which is seeking to freeze 100 million yuan in bank deposits or seal equivalent assets. As of August 11, 2026, the court has frozen a total of approximately 2,543 yuan across three bank accounts of Zhenjiang Xincheng, and sealed 77 properties under its name at Building 2, Shangshufang, No. 8 Pogang Road, Zhenjiang. The company stated that production and operations remain normal, the case is still in the property preservation stage, and it is currently unable to assess the impact on profits. If the matter is not properly resolved, the relevant assets may face the risk of forced disposal.
CASIN Real Estate Development Group Co LtdSubsidiary faces property preservation and potential asset disposal, though impact on parent is indirect.
Company is directly subject to court-ordered asset freeze and potential forced disposal.
