HONG KONG (Reuters) -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, four sources said, in what would be the first such case in the crisis-hit property sector. China South City earlier this month missed a principal payment of $11.25 million on a dollar bond due on Feb. 9, and is deemed by creditors to be in default on offshore debts worth $1.3 billion, two bondholder sources said. The group of creditors, who have formed a so-called ad-hoc group, is preparing to file the lawsuit in a Hong Kong court against state-owned Shenzhen SEZ Construction and Development Group Co., which owns 29% of the company, the four sources said.
A group of offshore
creditors of China South City are set to file a
lawsuit against the debt-laden developer s biggest state-owned
shareholder for dues, four sources said, in what would be the
first.
Offshore creditors of debt-laden developer China South City plan to file a landmark lawsuit against the group’s biggest state shareholder. Multiple sources…
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