This article first appeared on GuruFocus. UOB’s $1.3 billion exposure to Shimao Group’s (SHMAY) luxury Beacon Peak development in Hong Kong is starting to look more like a liability than a lending success. The Singapore-based bank is extending the loan’s maturity by another three years, after quietly failing to sell it to private credit funds…
A debt-ridden independent school in Hong Kong has said it aims to settle outstanding payments to parents by the end of the next year with the help of a “white knight”. Xu Li, the founding supervisor of Han Academy, said on social media on Tuesday that a financial rescuer had stepped in and that the…
Indebted Chinese developer Sino-Ocean Group won approval for its restructuring plan from a UK court on Monday despite objections from some creditors, potentially paving the way for it to prevail in a liquidation lawsuit in Hong Kong. London’s high court approved the builder’s offshore restructuring proposal, which allows the state-backed company to overhaul some US$6…