Investee SHDEW fined $3M by Chinese regulator for multi-level marketing; dividend income at risk

SUNRISE REAL ESTATE GROUP INC

SHDEW, 19.91% owned, fined 21M RMB ($3M) by Baokang County MSA for non-compliant multi-level marketing practices.
SHDEW changed its commission collection model to comply; registrant has no control over SHDEW's practices.
Dividends from SHDEW have been a significant revenue source; any material decline could adversely affect Sunrise Real Estate.
Registrant unable to evaluate impact on future cash flow from the investigation.

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