Sunac and Huafa file mutual arbitration claims of nearly 1 billion yuan over ice and snow project renamed in June

Regulation
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Summary · why it matters

Sunac Culture & Tourism and Huafa Industrial have initiated mutual arbitration over a cooperation contract dispute, each claiming approximately 480 million yuan. Sunac Culture & Tourism first applied to the Guangzhou Arbitration Commission for a ruling that Zhuhai Huafa Real Estate and Shenzhen Ronghua Land pay liquidated damages totaling 482 million yuan. The two Huafa entities then filed counterclaims, demanding that Sunac Culture & Tourism bear liability for breach of contract and pay 481.5 million yuan. The dispute stems from a jointly developed ice and snow cultural tourism project in Qianhai, Shenzhen, valued in the tens of billions of yuan. The project company, Shenzhen Ronghua Land, was initially 51 percent owned by Sunac Culture & Tourism and 49 percent by Huafa. In 2023, Huafa acquired all of Sunac's equity for approximately 3.582 billion yuan, gaining full control, but Sunac Culture & Tourism retained a repurchase right exercisable before November 23, 2025. Effective June 1, 2026, the ski resort brand name was refreshed as Qianhai Ice and Snow World.

Impact on stocks 2

Others▼ · 2 stocks
Huafa Industrial Co Ltd Zhuhai
600325
▼ NegativeRegulationrelevance

Huafa Industrial is involved in mutual arbitration claims of nearly 1 billion yuan over a cooperation contract dispute, facing potential financial liability.

Off-coverage companies 2

深圳融华置地投资有限公司Private▼ Negative
Regulationrelevance

Shenzhen Ronghua Land is a direct party facing a 482 million yuan claim and is also the project company in dispute.

珠海华发房地产开发有限公司Private▼ Negative
Regulationrelevance

Zhuhai Huafa Real Estate is a direct party facing a 482 million yuan claim for liquidated damages.

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