IMPERIAL Pacific International leased and sold 20 real estate properties in the CNMI and wired the proceeds to a bank in China, according to land lease documents obtained by Variety.
IPI representative, Cai Lingli and the buyer, Tong Feng International LLC sole member Yuan Chufeng, entered into the contract of sale of leasehold interest on April 19, 2017 but did not submit the documents to the Commonwealth Recorder.
The real estate properties — the prices of which ranged from $58,000 to $3.7 million — were leased from local residents by 10 of IPI’s 89 subsidiaries from 2015 to 2016, and were sold to Tong Feng International LLC in April 2017.
The total amount of proceeds for the 20 real estate properties was $14,168,000.
The contract required Tong Feng International to deposit the amount within five days after the signing of the leasehold sale contract to IPI’s account in China Minsheng Banking Corp. in Hong Kong.
According to the leasehold sale contract, Yuan “desires to acquire all such leasehold interest,” and IPI “is willing to transfer the leasehold interests.”
The contract also states, “Yuan is in the process of completing the corporate structure for his leasehold interest holding companies, including Tong Feng.”
IPI’s second-tier subsidiaries that leased the properties from local residents and sold them to Tong Feng International were Distinct Wealth (CNMI) LLC which sold a property for $1.7 million; Harvest Ventures Properties LLC which sold properties worth $1.7 million and $958,000; Glory Success (CNMI) LLC which sold properties worth $627,000 and $550,000; Peak Development (CNMI) LLC which sold a property worth $3.7 million; Peaceful View (CNMI) which sold a property worth $88,000; Magical Global (CNMI) LLC which sold a property worth $734,000; Well Diligent (CNMI) LLC which sold a property worth $58,000; Joyful Team (CNMI) LLC which sold properties worth $968,000 and $2.4 million; Wisdom Hill (CNMI) LLC which sold properties worth $424,000 and $275,000; and Multibest Development (CNMI) LLC which sold properties worth $125,000 and a $77,000.
