Wong Kwong Yu Family'S Big Shoe City Temporarily Suspended From Business Crisis

February 24th hearing

Peng run group has already

The dialogue between the business representatives and the Peng run group, which was scheduled to be held at four thirty p.m. on February 21st, was advanced to the morning of that day.

A business representative involved in the negotiations said that if a total of 14 people attended the meeting with the participation of the government of Fengtai District in Beijing, the meeting would be held at the Peng Yun Building, Xiaoyun Road, Chaoyang District.

The total area of Tai Kang shoe city is more than 150 thousand square meters, located near Kai Yang Bridge in South Second Ring Road, Beijing, near Beijing Railway South Station.

In August 2010, Wong Kwong Yu planned to inject about 18 billion of the assets including the big Kang City into the listed company Zhongguancun science and technology.

In September 2010, the Wong Kwong Yu family tried to sell.

In February 18th, the Wong Kwong Yu family controlled big shoe city company decided to stop business, which led to business gathering.

Tai Kang shoes city said, because the merchants owed rent, resulting in difficulties in the operation of the company, can only choose to suspend business, in order to carry out bankruptcy liquidation.

Da Kang shoe city also posted notices on that day, requiring merchants to elect 5 deputies on their own, and to negotiate at four thirty pm on the 21 day to coordinate the settlement of shoes city.

In February 20th and 21st, more than 300 merchants at the shoe city gate asked for dialogue with the Peng run group, and the shoe city opened as soon as possible. On the two day, dozens of police cars supervised the order of merchants in the vicinity to prevent excessive actions.

Another business representative involved in the negotiations said that it was estimated that each stall would need to pay about 30 thousand to 40 thousand yuan on average, and the two sides agreed to pay three times in 19 months.

"Peng ran, a government official, has promised to actively improve the operation and management of shoe city".

The representative of the business community said with some sympathy that the old lady (Wong Kwong Yu's mother) had already lived in the hospital.