China Real Estate Developer R & F Real Estate announced that its wholly -owned subsidiary Zhaozhen Co., Ltd. faced the liquidation of creditors.
Comprehensive China Securities News and Reuters reported that R & F Real Estate announced on Tuesday (July 9) on Tuesday (July 9) on the Hong Kong Stock Exchange, saying that the wholly -owned subsidiary Zhaoxi Co., Ltd. received the Seatown Private on Monday (8th)Credit Master Fund's liquidation submitted by the High Court of Hong Kong.
Seatown Private Credit Master Fund is one of R & F Real Estate's creditors, holding 18%of R & F repay $ 6136.6 million (S $ 828 million) loans.The invitation will be tried in the Hong Kong High Court on September 25.
R & F Real Estate said in the announcement that the invitation will not have any meaningful impact on the group's business operations.The board of directors believes that the request does not represent the interests of the affiliated company and other companies.The proofer is only one of the lenders of the loan, and only the above loan has not yet repaid 18%of the amount.
The announcement also stated that the above loans have sufficient mortgage, including all equity of a wholly -owned subsidiary company as a pledge, which indirectly holds 68 hotels and office buildings in China.Some guarantee creditors can exercise their rights for compulsory execution of mortgages, rather than applying for a subsidiary company to liquidate."Any attempt for such a clearing of this type will damage the value and reduce the recovered recovery of the creditors."
R & F Real Estate was established in August 1994.One of the tigers, listed on Hong Kong stocks in July 2005, became the first mainland real estate stocks in the Hang Seng China Enterprise Index, with a market value of more than 100 billion Hong Kong dollars.
In the context of the continued downturn in China's real estate industry, more and more Chinese developers are facing liquidation signing, including China, Sunshine 100, and Oceania Group.
