<p>[香港] 在大陸的困境房地產開發商那裏苦苦追討資金的中國債權人，越來越多地轉向香港法院尋求償還。</p>
<p>最近的一起案件涉及融創中國控股的董事長，他在香港被公司的一家供應商起訴。根據彭博社看到的司法文件，北京東方雨虹防水科技要求法院執行去年針對孫宏斌的境內裁決，裁定他需支付超過 4.185 億人民幣（約合 7790 萬新元）。</p>
<p>如果法院支持該防水公司，它可以讓其接觸到孫的離岸資產，這可能成為追回資金的有效途徑。香港法院能夠根據近年來推出的互認安排對大陸案件採取行動，以加強跨境商業和破產爭議的執行。</p>
<p>針對孫的訴訟可能為其他陷入與中國開發商的債務爭議的境內債權人提供了一條道路。</p>
<p>“境內債權人現在正在追求任何可以找到的資產的回收——無論是境內還是境外——並積極運用法律工具來建立槓桿，迫使債務人回到談判桌上，” 德勤亞太區應急規劃和破產領導人 Glen Ho 表示。</p>
<p>孫宏斌未能被聯繫以作出評論。融創和北京東方雨虹未對此作出回應。</p>
<h3>在新的全球秩序中導航亞洲</h3>
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<p>另一起案件涉及雅居樂集團。去年底，賭場運營商美高梅國際發展的一家子公司對這家違約的中國建築商提出了清算申請，試圖追回其在當年早些時候在中國仲裁法庭裁決中贏得的超過 1800 萬美元。</p>
<p>同樣，中國農業銀行的一家子公司於去年八月將其針對違約的中國建築商世茂集團的案件提交至香港，尋求追回約 10 億元人民幣，涉及 2022 年大陸法院的裁決。</p>
<p>這一系列跨境案件的出現，恰逢許多中國開發商在經歷了多年的房地產危機後完成了重組。例如，融創在 2025 年 12 月完成了其第二次離岸重組，而世茂在同年完成了其重組。</p>
<p>另見</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>中國深圳放寬購房規則以刺激需求</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，中國房地產的拐點將推動股票上漲</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>中國恒大的億萬富翁老闆從權力圈落入詐騙認罪</h3>
<p>雖然完成重組並不一定意味着公司的財務挑戰得到解決，但通常允許公司專注於改善運營，而不必擔心債權人尋求償還。在此時，境內債權人突然針對離岸資產將是一個不受歡迎的發展，可能為緩解局勢的談判打開窗口。</p>
<p>在最初專注於解決離岸負債後，債權人的注意力現在轉向了境內債務的重組和回收，Ho 表示。彭博社</p>
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融創中國

<p>中國債權人越來越多地轉向香港法院，以追討困境中的房地產開發商的債務。一個顯著的案例涉及融創中國控股的董事長孫宏斌，他正被北京東方雨虹防水科技起訴，索賠超過 4.185 億元。如果勝訴，這可能使債權人能夠接觸到孫的離岸資產。這一趨勢反映了債權人關注點的轉變，他們現在在境內和境外同時追討債務，利用法律工具與債務人進行談判，以應對中國房地產行業持續的重組努力</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] 在大陸的困境房地產開發商那裏苦苦追討資金的中國債權人，越來越多地轉向香港法院尋求償還。</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創中國控股的董事長，他在香港被公司的一家供應商起訴。根據彭博社看到的司法文件，北京東方雨虹防水科技要求法院執行去年針對孫宏斌的境內裁決，裁定他需支付超過 4.185 億人民幣（約合 7790 萬新元）。</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>如果法院支持該防水公司，它可以讓其接觸到孫的離岸資產，這可能成為追回資金的有效途徑。香港法院能夠根據近年來推出的互認安排對大陸案件採取行動，以加強跨境商業和破產爭議的執行。</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>針對孫的訴訟可能為其他陷入與中國開發商的債務爭議的境內債權人提供了一條道路。</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>“境內債權人現在正在追求任何可以找到的資產的回收——無論是境內還是境外——並積極運用法律工具來建立槓桿，迫使債務人回到談判桌上，” 德勤亞太區應急規劃和破產領導人 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>孫宏斌未能被聯繫以作出評論。融創和北京東方雨虹未對此作出回應。</p>
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<div class="lb-trans"><p>獲取洞察信息，直接發送到您的郵箱。</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樂集團。去年底，賭場運營商美高梅國際發展的一家子公司對這家違約的中國建築商提出了清算申請，試圖追回其在當年早些時候在中國仲裁法庭裁決中贏得的超過 1800 萬美元。</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>同樣，中國農業銀行的一家子公司於去年八月將其針對違約的中國建築商世茂集團的案件提交至香港，尋求追回約 10 億元人民幣，涉及 2022 年大陸法院的裁決。</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>這一系列跨境案件的出現，恰逢許多中國開發商在經歷了多年的房地產危機後完成了重組。例如，融創在 2025 年 12 月完成了其第二次離岸重組，而世茂在同年完成了其重組。</p>
</div><p>SEE ALSO</p>
<div class="lb-trans"><p>另見</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>中國深圳放寬購房規則以刺激需求</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，中國房地產的拐點將推動股票上漲</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>中國恒大的億萬富翁老闆從權力圈落入詐騙認罪</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>雖然完成重組並不一定意味着公司的財務挑戰得到解決，但通常允許公司專注於改善運營，而不必擔心債權人尋求償還。在此時，境內債權人突然針對離岸資產將是一個不受歡迎的發展，可能為緩解局勢的談判打開窗口。</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>在最初專注於解決離岸負債後，債權人的注意力現在轉向了境內債務的重組和回收，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>解碼亞洲通訊：您在新的全球秩序中導航亞洲的指南。點擊此處註冊以獲取解碼亞洲通訊，直接發送到您的郵箱，免費。</p>
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中國債權人轉向香港法院追討房地產開發商的債務