<p>[香港] 在大陆的困境房地产开发商那里苦苦追讨资金的中国债权人，越来越多地转向香港法院寻求偿还。</p>
<p>最近的一起案件涉及融创中国控股的董事长，他在香港被公司的一家供应商起诉。根据彭博社看到的司法文件，北京东方雨虹防水科技要求法院执行去年针对孙宏斌的境内裁决，裁定他需支付超过 4.185 亿人民币（约合 7790 万新元）。</p>
<p>如果法院支持该防水公司，它可以让其接触到孙的离岸资产，这可能成为追回资金的有效途径。香港法院能够根据近年来推出的互认安排对大陆案件采取行动，以加强跨境商业和破产争议的执行。</p>
<p>针对孙的诉讼可能为其他陷入与中国开发商的债务争议的境内债权人提供了一条道路。</p>
<p>“境内债权人现在正在追求任何可以找到的资产的回收——无论是境内还是境外——并积极运用法律工具来建立杠杆，迫使债务人回到谈判桌上，” 德勤亚太区应急规划和破产领导人 Glen Ho 表示。</p>
<p>孙宏斌未能被联系以作出评论。融创和北京东方雨虹未对此作出回应。</p>
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<p>另一起案件涉及雅居乐集团。去年底，赌场运营商美高梅国际发展的一家子公司对这家违约的中国建筑商提出了清算申请，试图追回其在当年早些时候在中国仲裁法庭裁决中赢得的超过 1800 万美元。</p>
<p>同样，中国农业银行的一家子公司于去年八月将其针对违约的中国建筑商世茂集团的案件提交至香港，寻求追回约 10 亿元人民币，涉及 2022 年大陆法院的裁决。</p>
<p>这一系列跨境案件的出现，恰逢许多中国开发商在经历了多年的房地产危机后完成了重组。例如，融创在 2025 年 12 月完成了其第二次离岸重组，而世茂在同年完成了其重组。</p>
<p>另见</p>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/329d69abb6c380ee46e3e9b7912602da808909cac24b153b379facf1bf320ec2/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/329d69abb6c380ee46e3e9b7912602da808909cac24b153b379facf1bf320ec2/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>中国深圳放宽购房规则以刺激需求</h3>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/588f354723419f5e7e3ce0d8a48ab39f989a074ed8d0a4f2e28b9cb42eb599ec/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/588f354723419f5e7e3ce0d8a48ab39f989a074ed8d0a4f2e28b9cb42eb599ec/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>摩根大通表示，中国房地产的拐点将推动股票上涨</h3>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/6134b996aca550769baa127386fb0d1e7124c9ed95018c6e291a8b3be35d2651/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/6134b996aca550769baa127386fb0d1e7124c9ed95018c6e291a8b3be35d2651/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>中国恒大的亿万富翁老板从权力圈落入诈骗认罪</h3>
<p>虽然完成重组并不一定意味着公司的财务挑战得到解决，但通常允许公司专注于改善运营，而不必担心债权人寻求偿还。在此时，境内债权人突然针对离岸资产将是一个不受欢迎的发展，可能为缓解局势的谈判打开窗口。</p>
<p>在最初专注于解决离岸负债后，债权人的注意力现在转向了境内债务的重组和回收，Ho 表示。彭博社</p>
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融创中国

<p>中国债权人越来越多地转向香港法院，以追讨困境中的房地产开发商的债务。一个显著的案例涉及融创中国控股的董事长孙宏斌，他正被北京东方雨虹防水科技起诉，索赔超过 4.185 亿元。如果胜诉，这可能使债权人能够接触到孙的离岸资产。这一趋势反映了债权人关注点的转变，他们现在在境内和境外同时追讨债务，利用法律工具与债务人进行谈判，以应对中国房地产行业持续的重组努力</p>

<p>[HONG KONG] Chinese creditors who have struggled to recover funds from distressed property developers on the mainland are increasingly turning to Hong Kong courts in their quest for repayment.</p>
<div class="lb-trans"><p>[香港] 在大陆的困境房地产开发商那里苦苦追讨资金的中国债权人，越来越多地转向香港法院寻求偿还。</p>
</div><p>The latest in a string of recent cases involves the chairman of Sunac China Holdings, who is being sued in Hong Kong by one of the company’s suppliers. Beijing Oriental Yuhong Waterproof Technology is asking the court to enforce an onshore ruling against Sun Hongbin from last year, in which he was ordered to pay out more than 418.5 million yuan (S$77.9 million), according to judicial documents seen by Bloomberg.</p>
<div class="lb-trans"><p>最近的一起案件涉及融创中国控股的董事长，他在香港被公司的一家供应商起诉。根据彭博社看到的司法文件，北京东方雨虹防水科技要求法院执行去年针对孙宏斌的境内裁决，裁定他需支付超过 4.185 亿人民币（约合 7790 万新元）。</p>
</div><p>If the court rules in favour of the waterproofing company, it can allow it to access Sun’s offshore assets, making it a potentially useful route to recoup funds. Hong Kong courts are able to take action on mainland cases under reciprocal recognition arrangements rolled out in recent years to bolster cross‑border enforcement of commercial and insolvency disputes.</p>
<div class="lb-trans"><p>如果法院支持该防水公司，它可以让其接触到孙的离岸资产，这可能成为追回资金的有效途径。香港法院能够根据近年来推出的互认安排对大陆案件采取行动，以加强跨境商业和破产争议的执行。</p>
</div><p>Lawsuits such as the one against Sun may offer a road map for other onshore creditors ensnared in debt disputes involving Chinese developers.</p>
<div class="lb-trans"><p>针对孙的诉讼可能为其他陷入与中国开发商的债务争议的境内债权人提供了一条道路。</p>
</div><p>“Onshore creditors are now pursuing recoveries wherever assets can be found – both onshore and offshore – and are actively deploying legal tools to build leverage and force debtors back to the negotiating table,” said Glen Ho, Asia-Pacific contingency planning and insolvency leader at Deloitte.</p>
<div class="lb-trans"><p>“境内债权人现在正在追求任何可以找到的资产的回收——无论是境内还是境外——并积极运用法律工具来建立杠杆，迫使债务人回到谈判桌上，” 德勤亚太区应急规划和破产领导人 Glen Ho 表示。</p>
</div><p>Sun Hongbin could not be reached for comment. Sunac and Beijing Oriental Yuhong did not respond to requests for comment.</p>
<div class="lb-trans"><p>孙宏斌未能被联系以作出评论。融创和北京东方雨虹未对此作出回应。</p>
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<div class="lb-trans"><h3>在新的全球秩序中导航亚洲</h3>
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<div class="lb-trans"><p>获取洞察信息，直接发送到您的邮箱。</p>
</div><p>Another case involves Agile Group Holdings. Late last year, a unit of casino operator Melco International Development filed a liquidation petition against the defaulted Chinese builder in an effort to recoup the more US$18 million it won in a Chinese arbitration tribunal ruling earlier that year.</p>
<div class="lb-trans"><p>另一起案件涉及雅居乐集团。去年底，赌场运营商美高梅国际发展的一家子公司对这家违约的中国建筑商提出了清算申请，试图追回其在当年早些时候在中国仲裁法庭裁决中赢得的超过 1800 万美元。</p>
</div><p>Similarly, a unit of Agricultural Bank of China took its case against defaulted Chinese builder Shimao Group Holdings to Hong Kong last August, seeking to recover about one billion yuan related to a 2022 mainland court ruling.</p>
<div class="lb-trans"><p>同样，中国农业银行的一家子公司于去年八月将其针对违约的中国建筑商世茂集团的案件提交至香港，寻求追回约 10 亿元人民币，涉及 2022 年大陆法院的裁决。</p>
</div><p>The series of cross-border cases also comes as many Chinese developers have finished restructurings after being battered by the country’s yearslong real estate crisis. Sunac, for example, completed its second offshore restructuring in December 2025, while Shimao finished one of its own that year.</p>
<div class="lb-trans"><p>这一系列跨境案件的出现，恰逢许多中国开发商在经历了多年的房地产危机后完成了重组。例如，融创在 2025 年 12 月完成了其第二次离岸重组，而世茂在同年完成了其重组。</p>
</div><p>SEE ALSO</p>
<div class="lb-trans"><p>另见</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/329d69abb6c380ee46e3e9b7912602da808909cac24b153b379facf1bf320ec2/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/329d69abb6c380ee46e3e9b7912602da808909cac24b153b379facf1bf320ec2?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>China’s Shenzhen relaxes home buying rules to boost demand</h3>
<div class="lb-trans"><h3>中国深圳放宽购房规则以刺激需求</h3>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/588f354723419f5e7e3ce0d8a48ab39f989a074ed8d0a4f2e28b9cb42eb599ec/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/588f354723419f5e7e3ce0d8a48ab39f989a074ed8d0a4f2e28b9cb42eb599ec?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>China property tipping point will drive up stocks, JPMorgan says</h3>
<div class="lb-trans"><h3>摩根大通表示，中国房地产的拐点将推动股票上涨</h3>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/6134b996aca550769baa127386fb0d1e7124c9ed95018c6e291a8b3be35d2651/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/6134b996aca550769baa127386fb0d1e7124c9ed95018c6e291a8b3be35d2651?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>China Evergrande’s billionaire boss falls from circles of power to fraud plea</h3>
<div class="lb-trans"><h3>中国恒大的亿万富翁老板从权力圈落入诈骗认罪</h3>
</div><p>While completing a restructuring does not necessarily mean that a company’s financial challenges are resolved, it generally allows it to focus on improving its operations rather than worrying about creditors seeking repayments. Having an onshore creditor suddenly target offshore assets at such a time would be an unwelcome development, likely opening a window for talks to defuse the situation.</p>
<div class="lb-trans"><p>虽然完成重组并不一定意味着公司的财务挑战得到解决，但通常允许公司专注于改善运营，而不必担心债权人寻求偿还。在此时，境内债权人突然针对离岸资产将是一个不受欢迎的发展，可能为缓解局势的谈判打开窗口。</p>
</div><p>After initially focusing on resolving offshore liabilities, creditors’ attention is now shifting towards the restructuring and recovery of onshore debt, said Ho. BLOOMBERG</p>
<div class="lb-trans"><p>在最初专注于解决离岸负债后，债权人的注意力现在转向了境内债务的重组和回收，Ho 表示。彭博社</p>
</div><p>Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.</p>
<div class="lb-trans"><p>解码亚洲通讯：您在新的全球秩序中导航亚洲的指南。点击此处注册以获取解码亚洲通讯，直接发送到您的邮箱，免费。</p>
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中国债权人转向香港法院追讨房地产开发商的债务