Unit of Chinese developer R&F Properties faces winding-up petition from Singapore fund
- Winding-up petition filed against Trillion Glory by fund owned by Temasek Holdings is over unpaid debt of about US$614 million, filing says
Singapore-based Seatown Private Credit Master Fund has filed a winding-up petition against a unit of Guangzhou R&F Properties over unpaid principal and interest of about US$614 million, according to a filing by the embattled developer.
A hearing for the petition against Trillion Glory is scheduled before the Hong Kong High Court on September 25, R&F said in its disclosure to the Hong Kong stock exchange on Tuesday.
Seatown is one of the lenders of the loan in question, holding 18 per cent of the outstanding principal, R&F said.
The private equity fund is owned by Seviora Holdings, the asset-management group of Temasek Holdings, an investment company owned by the Singapore government.
R&F said Trillion Glory is seeking legal advice about the petition.
“The board of directors of [R&F] is of the view that the petition does not represent the interests of other stakeholders of the subsidiary and the company,” it said.
“The loan is sufficiently collateralised by, among others, a pledge over the equity interest of a wholly owned subsidiary of the company holding indirectly 68 hotels and one office building” in mainland China, R&F added.
