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Written by: Zhu Dixin
2020-08-03 19:15
Last update date: 2020-08-03 19:15Zhang Junyong, a former representative of the People's Congress of the Hong Kong District, was then involved in a lawsuit over a debt dispute. Zhang was accused of acting as a guarantor in a transaction to ensure that the seller sold his equity in a real estate company. However, the seller failed to perform the agreement. The buyer filed a file with the High Court last Friday (28th), demanding that the seller and Zhang Junyong be repaid the 70 million yuan paid by the buyer and the court ordered to revoke the agreement.
The plaintiff is Goldin Investment Co., Ltd., and the defendants are Tianzheng Global Co., Ltd. and Zhang Junyong.
The plaintiff filed a complaint that in November 2019, it reached a provisional sale and purchase agreement with the defendant. The plaintiff purchased the equity of Shengshi Real Estate Co., Ltd. from the first defendant, and the second defendant was the guarantor of the agreement. However, the plaintiff pointed out that the first defendant failed to perform the agreement, and the plaintiff now requests the court to revoke the agreement.
The plaintiff also stated that as the guarantor, the secondary defendant had to compensate the plaintiff for related losses. The plaintiff demanded compensation from the two defendants. The plaintiff had already paid 70 million yuan.
Case number: HCA1275/2020
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