BENGALURU: Chinese property developer Guangzhou R&F Properties said on Tuesday that its unit has received a winding-up petition on Monday from Seatown Private Credit Master Fund regarding a non-repayment of a loan.
The petition on Trillion Glory, the unit in question, was filed by the Singapore-based private equity fund, which holds a 18% interest in the total outstanding loan amounting to $613.66 million, in a Hong Kong court.
The company, however, said the petition does not represent the interest of other stakeholders and is seeking legal advice.
Guangzhou R&F Properties joins the list of other Chinese property developers facing liquidation suits filed by their respective creditors, the latest one being state-backed Sino-Ocean Group.
The petition is scheduled to be heard before the High Court on Sept. 25.
Source Homevior.in
