Sign In

X
GO TO TOP
Five on the Bund: Bo Shanghai Owes Us 3.5 Million RMB
By Mar 12, 2019 Dining
Expensive news is trailing the sudden "move" of Bo Shanghai and Daimon Bistro, by "Demon Chef" Alvin Leung. According to a legal notice posted at Five on the Bund, the company behind Bo Shanghai and Daimon Bistro owes more than 3.5 million rmb in unpaid property management fees and rent. Rent was supposedly 420,000rmb a month for that space, according to a different source, meaning the company was in arrears for some time, if the legal notice is to be believed. That raises questions about the company's sudden "move" and "search for a new location", which they announced last week. I reached out to the Bo Shanghai side but they declined to comment. Five on the Bund, who says they are unable to get in touch with the legal representative of the Bo company, have already filed a lawsuit. To see the public legal notice, click through the jump.

The following translation by SmartShanghai is unofficial and just for reference.


Notice of Rescission of Contract

To: Lanzhigui Food & Beverage Management (Shanghai) Co.Ltd.

You rented the venues located in 6/F East and Room 06, B1/F, 20 Guangdong Road, Huangpu District, Shanghai (hereinafter referred to as “House rental”) by signing a Tripartite Agreement with Linghui Co. Ltd. and us. The Contract stipulates that you should pay the monthly rent and property management fee of that month on or before the last weekday of that month. As of this Notice, you have been in arrears with rent and property management fee of 2015-2017, totaling 3,519,711.00 rmb. In addition, we found that you had issued a notice of moving and ceasing the operation of Bund 5 branch and that you had not paid the March 2019 rent. The aforementioned overdue payment of rent and property management fee has severely violated our Agreement. We now are officially sending a Notice to you as follows: 1. Once you receive the Notice, our Contract for lease will be rescinded immediately. You should return the venues to us and pay us back with the overdue rent and property management fee and other fees. 2. We will hold you accountable for liability for breach of contract in accordance with Lease Contract. Please be informed of the above.

2019.3.4


A second notice reminds tenants of the procedures to follow in case they move out of the building, ostensibly because the Bo side did not follow these.

Pictures of the original notices below:

Shanghai"

Shanghai"


2 comments.

Please register to reserve a user name.
Captcha
  • 7 days ago Donny Who Loved Bowling Unverified User

    60,000USD dollars a month in rent....did anyone at all crunch the numbers on this before agreeing to that amount? And people wonder why so many F & B venues crash and burn?

    It's the rental bung porkin' people agree to that does them in.

  • 7 days ago Comi Unverified User

    Shanghai rents are ridiculous...no wonder you either have to have crap service, crap food, or if all that works then the restaurant is probably having to cut somewhere else. It's not possible to run a profitable business with those prices.

  • Recent Articles
  • Popular
ALL ARTICLES
YOU MIGHT ALSO LIKE ...