Reuters exclusively reported that a group of offshore creditors of China South City is set to file a lawsuit against the debt-laden developer’s biggest state-owned shareholder for dues, in what would be the first such case in the crisis-hit property sector.
Business & Finance
In a first, Chinese developer’s creditors plan to sue state-owned shareholder for dues
23 February 2024, 12:44 pm 1 minute
Market Impact
If filed, the lawsuit would be the first against a state-backed developer in the property sector for recovery of payments owed to creditors under the keepwell provision since the industry tipped into a crisis in 2021.
Article Tags
Topics of Interest: Business & Finance
Type: Reuters Best
Sectors: Business & FinanceReal Estate
Regions: Asia
Countries: China
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Significant National Story
