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The contract dispute between Cinda and Junefield over tens of billions of RMB of plot represented by Kangda won the case in the retrial by the Supreme Court

The Supreme Court recently made the retrial judgment on the contract dispute between the Applicant, Cinda Investment Co., Ltd. ("Cinda Investment"), Beijing Cinda Real Estate Co., Ltd. ("Cinda Real Estate") and China Cinda Asset Management Co., Ltd. Beijing Branch ("Cinda Beijing Branch"), and the Respondent, Beijing Junefield Real Estate Development Co., Ltd. ("Junefield Company") over the Junefield Phase II Development of Plot in Xuanwumen, Second Ring Road, Beijing, and supported all Cinda's retrial requests. Kangda accepted the entrustment of Cinda Investment and Cinda Beijing Branch and participated in the retrial of the case in the whole process, and finally won the case.

The Supreme Court's retrial judgment not only revoked the second-instance civil judgment previously made by the Supreme Court, but also upheld the first-instance judgment of the Higher People's Court of Beijing Municipality. In the retrial judgment, it is clearly stated that "good faith is one of the basic principles of civil law, and the parties shall strictly abide by it in commercial transactions. For major and complex commercial transactions, the parties shall actively perform their contractual obligations based on the principle of good faith, and shall not abuse their contractual rights, which will affect the stability and order of transactions". This has set another important milestone of "upholding the law, adhering to good faith and righting every wrong" for Chinese civil and commercial trials.

The case involves major and complex commercial transactions such as project transfer and debt restructuring. The transaction object is large, the transaction structure is complex and the transaction duration is long. It involves a variety of interlaced legal relationships. In particular, the project plot is located in the top-notch development land in the Second Ring Road of Beijing, and participants are well-known large domestic companies. Therefore, the case has attracted the attention of the legal community, real estate community, non-performing asset community and many media. During our representation period, we held dozens of business seminars and mock trials with Cinda and various experts, formed hundreds of various legal instruments, organized thousands of pages of evidence materials, and prepared tens of thousands of words of pre-trial preparation documents. The finally formed retrial representation viewpoint was fully adopted by the Supreme Court in the retrial judgment. The diligent working attitude and prudent and systematic legal logic of the representation team fully demonstrated the Firm's professional spirit and ability to handle major cases.

Event Records of the case

On December 20, 2013, Junefield filed a lawsuit with the Higher People's Court of Beijing Municipality, requiring the rescission of the Framework Agreement and other agreements, the return of project rights and interests of the target plot, the handover of project data, the payment of liquidated damages of RMB 1 billion, and Cinda Real Estate to bear joint liability for the payment of liquidated damages. Cinda Real Estate filed a counterclaim against Junefield Company, requiring it to issue tax invoices and hand over the project demolition data. 

On December 18, 2014, the Higher People's Court of Beijing Municipality made the first-instance judgment, dismissing all the claims of Junefield Company and supporting Cinda Real Estate's counterclaim. 

On March 24, 2017, the Supreme People's Court made the second-instance judgment, revoking the first-instance judgment, confirming the rescission of the Framework Agreement and other agreements, the return of project rights and interests of the plot involved in the case by Cinda Real Estate to Junefield Company, the payment of liquidated damages of RMB 1 billion by Cinda Investment to Junefield Company, and the return of contract funds and demolition expenses of more than RMB 2.7 billion by Junefield Company to Cinda Investment, and dismissing Cinda Real Estate's counterclaim. 

On December 6, 2019, after Cinda Investment, Cinda Real Estate and Cinda Beijing Branch filed a retrial with the Supreme Court, the Supreme Court made the civil ruling (ZGFMS 2017 No.1648) and decided to retry the case. 

On August 20, 2020, the Supreme Court held a public hearing on the case and conducted a live broadcast of the trial. The number of live broadcast viewers exceeded 100,000. 

On December 25, 2020, the Supreme Court made the retrial judgment, revoking the second-instance judgment made by the Supreme Court in 2017 and upholding the first-instance judgment made by the Higher People's Court of Beijing Municipality in 2014.

The Signature lawyers

SHAO Yue, HUO Jincheng

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