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  "documentTitle": "TAL Education Group (TAL)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-06-13 00:00:00",
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  "notes": "The slide uses a specific legal case (2017 粤 01 民终 18443 号) to contradict claims of asset disposal.",
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      "text": "Details within a 2016 Chinese lawsuit independently corroborate that TAL not only continued to lease GZ 1-1 learning center space after the time of the purported disposal, but was also paying the rent in advance.",
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      "text": "The location and area: The Tianhe Trade Building on the 3rd and 4th Floors. This matches GZ 1-1's learning center address for the 3rd floor. The 4th floor is for TAL's Peiyou training center (school). The lease term: The lease between Huayi and TAL started April 1, 2015 with a term of eight years. The payment terms: The rent should be prepaid in annual increments by March 5 each year. TAL made a payment to the landlord for the period of April 1, 2016 through March 31, 2017.",
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      "text": "In April 2016, when the GZ 1-1 Tianhe Huayi Learning Center supposedly belonged to Changing, TAL subsidiary Tianhe Xueersi prepaid rent in the amount of Rmb 6.2 million (almost $0.9 million) for the period from April 1, 2016 to March 31, 2017.",
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      "kind": "paragraph",
      "text": "2015年3月30日，华忆公司（甲方、出租方）与天河学而思（乙方、承租方）签订《天河购物中心租赁合同》...",
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      "text": "This is likely the only learning center Shujia took over. In the interview with the former Changing Edu senior manager, we learned that leases at many, if not most, of the learning centers were not transferred from TAL to Shujia.",
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      "text": "2015年3月30日，华忆公司（甲方、出租方）与天河学而思（乙方、承租方）签订《天河购物中心租赁合同》两份（针对涉案物业的三层、四层各签订一份，除租赁标的物不一致外，其余条款均一致），约定甲方分别将坐落在甲方同意将涉案物业的三层、四层出租给乙方课外辅导和人力资源培训业务使用，建筑面积均为2344.82平方米（含分摊共用建筑面积）。租期8年，2015年4月1日至2015年5月31日为免租装修期。2015年6月1日至2016年3月31日，月租金额（含管理费及税）257930.2元，110元/平方米，年租金（含管理费及税）2579302元；2016年4月1日至2017年3月31日，月租金额（含管理费及税）257930.2元，110元/平方米，年租金（含管理费及税）3095162.4元。1、租金以合同年为结算周期，由乙方在每年3月5日前以银行转账到指定账户的方式缴付下一个合同年租金给甲方。逢法定假日顺延至假日的次日。2、应甲方资金分配需要，租金缴纳需分配至两个账户中，租金账户分配情况如 — Chinese Court Filing (2017) 粤 01 民终 18443 号.",
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      "text": "97-100: Footnotes detailing interview sources and legal case references.",
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