(Reuters) -Chinese language property developer Guangzhou R&F Properties mentioned on Tuesday its unit Trillion Glory had obtained a winding-up petition from a Singapore-based personal fairness fund because of non-repayment of a mortgage.
The petition was filed on Monday at a Hong Kong Court docket by Seatown Non-public Credit score Grasp Fund, which holds an 18% curiosity within the complete excellent mortgage amounting to $613.66 million.
Money-strapped R&F is the newest Chinese language property developer dealing with a liquidation swimsuit filed by collectors. Final month, state-backed Sino-Ocean Group mentioned it was dealing with a winding up petition from The Financial institution of New York Mellon (NYSE:) and China Evergrande (HK:) Group was ordered to liquidate earlier this yr.
R&F mentioned in a submitting that the petition wouldn’t have any significant affect on its enterprise.
It mentioned the mortgage was pledged over a unit not directly holding 68 lodges and one workplace constructing in China, and a secured creditor may implement the collateral as an alternative of petitioning for winding-up, which it mentioned can be damaging in firm worth and diminish recoveries for collectors.
R&F is likely one of the obligors of the mortgage and its different subsidiary, R&F Properties (HK) Firm Restricted, is likely one of the guarantors.
The petition is scheduled to be heard earlier than the Excessive Court docket on Sept. 25.
Shares of the Guangzhou-based developer rose 1.2% by Tuesday morning, versus a 4.9% decline within the Mainland Properties Index.
Earlier this yr, R&F launched its second bonds alternate for its $5.7 billion greenback notes in a deal that helped the corporate dodge a mortgage default and lower debt measurement.
It final month additionally prolonged the repayments of its onshore bonds.
