Construction funding was also allocated in increments, drawn down according to progress.
With the oversight of the fund manager, Mingu couldn't possibly divert the earmarked funds. This was precisely the purpose of SPD Bank's involvement.
In exchange, Mingu had already mortgaged the actual ownership and revenue control of the Ming Capital property entirely to the project initiator—Han Lie's Zhongmei Company.
Upon maturity, if the full principal and interest were paid, Gu Yong would reclaim ownership of the property.
If the payment couldn't be made upon maturity, Panzi would have to buy the project ownership from Zhongmei Company according to the agreement. Han Lie would then settle the cash with all parties, while Panzi slowly dealt with the property.
