Fang Announces Outcome of the Hearing of the Grand Court of the Cayman Islands on December 21, 2020
Fang Holdings Limited (NYSE: SFUN) announced that the Grand Court of the Cayman Islands held a hearing on December 21, 2020, concerning a winding-up petition filed by certain shareholders to appoint provisional liquidators. The court adjourned the application until December 24, 2020, to allow parties further time to reach an agreement on the matter. Fang operates a leading real estate Internet portal in China, serving as a platform for marketing and financial services in the real estate sector, with significant reach across 665 cities.
- Fang is a leading real estate Internet portal in China, which may provide a competitive advantage.
- Maintains approximately 74 offices tailored to local market needs, enhancing service delivery.
- Winding-up petition may signal underlying financial distress.
- Provisional liquidators' appointment could lead to further financial instability.
BEIJING, Dec. 22, 2020 /PRNewswire/ -- Fang Holdings Limited (NYSE: SFUN) ("Fang" or the "Company"), a leading real estate Internet portal in China, today announced that a hearing was held on December 21, 2020 in the Grand Court of the Cayman Islands (the "Cayman Court") regarding the application by certain shareholders of the Company (the "Petitioners") to appoint provisional liquidators over the Company. As previously announced, the Petitioners initiated a winding up petition against the Company in the Cayman Court on November 12, 2020. At the hearing, the Cayman Court adjourned the application until 9:00 am, December 24, 2020 (Cayman Islands time) to allow the parties to have additional time to agree on certain undertakings to the Cayman Court so as to either further adjourn the application or otherwise dispose of it in its entirety.
About Fang
Fang operates a leading real estate Internet portal in China in terms of the number of page views and visitors to its websites. Through its websites, Fang provides primarily marketing, listing, leads generation and financial services for China's fast-growing real estate and home furnishing and improvement sectors. Its user-friendly websites support active online communities and networks of users seeking information on, and value-added services for, the real estate and home furnishing and improvement sectors in China. Fang currently maintains approximately 74 offices to focus on local market needs and its website and database contains real estate related content covering 665 cities in China. For more information about Fang, please visit http://ir.fang.com.
Safe Harbor Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the results of the winding-up petition and application for appointment of provisional liquidators. These forward-looking statements can be identified by terminology such as "will," "expects," "is expected to," "anticipates," "aim," "future," "intends," "plans," "believes," "are likely to," "estimates," "may," "should" and similar expressions, and include, without limitation, statements regarding Fang's future financial performance, revenue guidance, growth and growth rates, market position and continued business transformation. Such statements are based upon management's current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond Fang's control, which may cause its actual results, performance or achievements to differ materially from those in the forward-looking statements. Potential risks and uncertainties include, without limitation, the impact of Fang's business development strategies, the impact of the COVID-19 pandemic, and the impact of current and future government policies affecting China's real estate market. Further information regarding these and other risks, uncertainties or factors is included in Fang's filings with the U.S. Securities and Exchange Commission.
Fang does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.
View original content:http://www.prnewswire.com/news-releases/fang-announces-outcome-of-the-hearing-of-the-grand-court-of-the-cayman-islands-on-december-21-2020-301197450.html
SOURCE Fang Holdings Limited
FAQ
What is the outcome of the December 21, 2020 hearing for SFUN?
What did the shareholders request in the Cayman Court regarding SFUN?
How many cities does Fang Holdings operate in?
What services does Fang Holdings provide?
