Core Viewpoint - The Shanghai Ziyuan villa project, once the most expensive luxury property in China, has been suspended for over four years due to family disputes and debt issues involving its developer, Jiacheng Zhaoye [1][3][16]. Group 1: Company Background - Shanghai Ziyuan is located in the only national 4A-level resort area in Shanghai, with 190 unsold villas valued over 10 billion yuan as of 2020 [1][3]. - The developer, Jiacheng Zhaoye, was founded by Gao Jiarun, who is currently 77 years old, and is now operated by his son, David Golden [1][3][4]. Group 2: Family Disputes - In 2020, Gao Jiarun and his wife, Hulan, filed a lawsuit against David, claiming the return of company shares and 4.4 billion yuan in debts, leading to the suspension of sales [3][12]. - The family dynamics are complicated, with Hulan being Gao's fourth wife and having no biological children with him, which adds uncertainty to the ownership and control of the company [3][5][17]. Group 3: Legal Proceedings - The ongoing legal battles include accusations of forged documents and conflicting court rulings between domestic and international jurisdictions regarding the ownership of shares [10][11][15]. - A BVI court ruled against Hulan's claims of ownership based on alleged forged trust agreements, while a Shanghai court later recognized her claims, leading to further appeals [10][15][22]. Group 4: Financial Implications - The debt claims against Jiacheng Zhaoye include a 3.1 billion yuan personal loan and a total of 44 billion yuan in high-interest loans, which could lead to bankruptcy if not resolved [12][15]. - The market value of the unsold villas is significantly higher than the debt claims, indicating potential for recovery if the properties can be sold [13][20]. Group 5: Market Context - The luxury real estate market in Shanghai has seen a reduction in supply, with prices remaining relatively stable despite the ongoing disputes affecting the Ziyuan project [20][21]. - The suspension of the Ziyuan villas has broader implications for the local real estate market and the image of regional enterprises, as the project is a key asset in the luxury segment [21][22].