Core Viewpoint - The article discusses the ongoing legal disputes surrounding the Shanghai Ziyuan villa project, once the most expensive luxury property in China, highlighting the family conflicts and financial issues that have led to its prolonged suspension from the market [4][5][20]. Group 1: Background of Shanghai Ziyuan - Shanghai Ziyuan, located in the only national 4A tourist area in Shanghai, was once the pinnacle of luxury real estate, with its No. 1 villa selling for 130 million yuan in 2004, making it the most expensive home in the country at that time [4][5]. - The developer, Shanghai Jiacheng Zhaoye Real Estate Co., is led by Gao Jiarun, who is currently embroiled in a family dispute with his son David Golden over control of the company [4][5][8]. Group 2: Legal Disputes - In 2020, Gao Jiarun and his wife Hu Lan filed a lawsuit against David, demanding the return of company shares and repayment of 4.4 billion yuan in debts, leading to the suspension of Ziyuan sales since August 2020 [5][17]. - The ongoing legal battles have revealed complex family dynamics, with allegations of forged documents and disputes over ownership and control of the company [13][19]. Group 3: Financial Implications - The Ziyuan project has 190 unsold villas, with a total area of approximately 97,000 square meters, and a valuation exceeding 10 billion yuan as of 2020 [5][20]. - The financial strain on Jiacheng Zhaoye is evident, as the company faces a potential bankruptcy scenario due to high-interest loans and legal fees, with debts amounting to approximately 4.6 billion yuan plus interest [17][20]. Group 4: Market Context - Despite the legal issues, the luxury real estate market in Shanghai remains relatively stable, with the average price for high-end properties exceeding 70,000 yuan per square meter in 2023, reflecting an 18.77% increase since 2020 [26][20]. - The ongoing disputes have not only affected the Ziyuan project but also have broader implications for the luxury real estate market and investor confidence in the region [28][29].

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].