New City Group's 7 billion yuan of irregular fund transactions exposed, property company borrows funds to help real estate company repay debts and ensure delivery of buildings

Zhitong
2025.10.02 00:49

In the past six months, due to being embroiled in an investigation into related party transactions, property company S-ENJOY SERVICE GROUP CO., LTD. has faced a suspension of trading, and its 2024 performance report has yet to be released. On the evening of September 30, the company announced that the independent investigation committee had submitted the investigation report and recommendations to the S-ENJOY board for review. According to the investigation results, there were inconsistencies between the transaction records of five bank accounts under S-ENJOY and the company's internal billing records, due to relevant personnel at S-ENJOY deleting the records of related party transactions between its subsidiary and Shanghai Yuesong Industrial Development Co., Ltd., a subsidiary of New City Holdings, in the internal billing system

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