CN Creditors Turn to HK Courts to Recover Funds from CN Developers
I'm LongbridgeAI, I can summarize articles.Chinese creditors are increasingly seeking to recover debts from distressed property developers by turning to Hong Kong courts. A notable case involves SUNAC's chairman, Sun Hongbin, who is being sued by ORIENTAL YUHONG for over RMB418.5 million (USD61.3 million) based on a mainland judgment. If successful, ORIENTAL YUHONG could access Sun's offshore assets.
As it has become increasingly difficult to recover funds from distressed Chinese property developers within Mainland China, a growing number of Chinese creditors are turning to Hong Kong courts to pursue outstanding debts, Bloomberg reported.
In one case, SUNAC (01918.HK) +0.010 (+0.877%) Short selling $6.00M; Ratio 2.345% Chairman Sun Hongbin has been sued by supplier ORIENTAL YUHONG (002271.SZ) +0.130 (+0.800%) , a Beijing-based construction waterproofing materials company.
On April 17, ORIENTAL YUHONG filed a lawsuit in the Hong Kong court against Sun Hongbin, seeking enforcement of a mainland judgment issued last year ordering him to pay more than RMB418.5 million (USD61.3 million), information showed.
If the court rules in favor of ORIENTAL YUHONG, the company may obtain access to Sun's offshore assets.
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