Chinese property developer receives winding-up petition (updated)

Guangzhou R&F Properties

09/07/2024 24:10

(Adds details on petition from paragraph 2)
       July 9 (Reuters) - Chinese property developer Guangzhou
R&F Properties  2777.HK  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. 
  

 (Reporting by Archishma Iyer in Bengaluru; Editing by Alan
Barona)
 ((Archishma.Iyer@thomsonreuters.com;))