Chinese property developer receives winding-up petition

Guangzhou R&F Properties today announced that its unit, Trillion Glory, received a winding-up petition from Seatown Private Credit Master Fund due to non-repayment of a loan.
The Singapore-based fund, holding an 18 per cent interest in the US$613.66 million loan, filed the petition in a Hong Kong court.
Guangzhou R&F stated that the petition does not reflect the interests of all stakeholders and is seeking legal advice.
This situation places Guangzhou R&F among other Chinese property developers, like Sino-Ocean Group, facing liquidation suits.
The hearing is set for September 25 in the Hong Kong High Court.
Guangzhou R&F entered the Malaysian market in 2013, and built a 116-acre large-scale coastal complex in Johor Baru, known as R&F Princess Cove.
Read more: shorturl.at/RbZF4
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