What happened to Shanghai Zhifu Group?

Default on project payment. In 2020, a creditor named Yang Fengning submitted an arbitration application to the court, claiming that Shanghai Zhifu, a famous developer of the Central Mansion, owed 600 million yuan and 60 million yuan in liquidated damages to the project, demanding that Shanghai Zhifu pay the money within a time limit. Later, the buyer sued Shanghai Zhifu, and after winning the case, he was told that there was no funds available in the Shanghai Zhifu account, and the court immediately frozen the Shanghai Zhifu account. Shanghai, referred to as "Shanghai" or "Shen" for short, is a provincial administrative region, municipality directly under the Central Government, national central city, megacity and core city of Shanghai metropolitan area in People's Republic of China (PRC), and is an international economic, financial, trade, shipping and scientific and technological innovation center of China approved by the State Council.