China network to bankruptcy court in Atlanta filed for bankruptcy protection

Absrtact: October 5, China Net Group, headquartered in Atlanta, filed for bankruptcy protection at the Atlanta Bankruptcy Court. In March this year, the China Network Group has said that the group's Chinese headquarters project will be located in the South China Sea, the San Shan Technology Creative Industry Center, plans to invest in 23 years

October 5, China Net Group, headquartered in Atlanta, filed for bankruptcy protection at the Atlanta Bankruptcy Court. In March this year, the Chinese network Group has said that the group's China headquarters project will be located in the South China Sea, the San Shan Technology Creative Industrial Center, plans to invest 500 million yuan in 2-3 years, building about 100,000 square meters of modern industrial carrier.

Now its application for bankruptcy protection action will affect the South China Sea project? South have learned that the Chinese network is now the Sea Mountain Technology Creative Industry Center has not yet implemented investment, San Shan said, the creative center will not be affected by a change in the company, and the center of leasing, there is no enterprise "enclosure" problem. The Chinese network said the South China Sea project would be carried out as usual, and that the South China Sea would be launched in late October as scheduled.

San Shan: The property is not worried about renting

In February this year, the Chinese network settled in the three Mountains technology Creative Industry Center, its Global services company chief Executive Zhongze Dr. Alice in the Center Foundation ceremony for the first disclosure of the China Network Group and the South China Sea Area Government cooperation 6 strategy, including the establishment of the China Network in San Shan headquarters and so on. But on October 5, China Net, headquartered in Atlanta, filed for bankruptcy protection at the Atlanta Bankruptcy Court under the 11th chapter of the U.S. Bankruptcy law, causing its shares to plummet to 42 cents a share, down more than 50% per cent on the day. The stock was then suspended for trading. China's share price has shrunk by 88% this year.

The head of the San Shan area said that China net has not yet implemented any investment. San Shan did not sell to the Chinese network, and the San Shan new technology Creative Industrial Park is to operate the property that is rented property, therefore, there is no business opportunity enclosure problem. As for the first property intelligence building, there is no worry about renting it. First mountain to promote the development of industrial park, Nanhai Golden Wisdom Investment Company will be stationed, in addition, as early as July before the commencement of work, has negotiated more than 20 enterprises into the park; three mountain New Town youth creative industry Garden because the original site tends to saturation, there are many enterprises will move to this point, "20,000 square meters of property is not worried about renting, the Chinese network has little impact." ”

China Network: The project will be pushed forward as planned

Yesterday afternoon, the reporter came to San Shan technology Creative Industry Center site. The plot is located in the southwest of the junction of San Shan Port Road and Changjiang Road. The plot south of the site is under construction. Investment office staff, is working on the building is the F building Wisdom, July 1 began construction, will be the center of the Comprehensive office building. The Chinese network intends to enter 5 buildings which have not yet commenced construction of A-E.

The reporter learned that the Chinese network also said to the South China Sea, the focus of the bankruptcy protection (non-liquidation), in order to avoid financial predators of their assets to the relevant departments to make an application, in the planned time to raise funds to repay the debt. In addition, the company's subsidiaries are currently financially and business development is normal, a total net assets of not less than 500 million U.S. dollars, the South China Sea project will be carried out, and as scheduled in late October to meet in the South China Sea, to promote the implementation of the project.

According to the Xinhua news agency, as of June 30 this year, the total assets of the China Net group of 377.4 million U.S. dollars, the total liabilities of 2 50.2 billion U.S. dollars, also said that net assets are less than 500 million U.S. dollars.