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A spokesman for the Housing Bureau (HB) said on July 13 that online allegations that the Wang Fuk Court Property Rights Acquisition Limited established by the Government to acquire ownership of Wang Fuk Court in Tai Po is a shell company on the verge of bankruptcy are entirely unfounded, the Bastille Post reported. It cannot be ruled out that the allegations are made by individuals with ulterior motives to confuse the public. The Government must set the record straight.
TVB actress Zoie Tam Hoi-ki has filed bankruptcy petitions against former TVB producer and screenwriter Gary Tang Tuck-hei and actress Lu Jingjing, according to Hong Kong Judiciary records, The Standard reported. The two petitions were filed with the High Court on June 26 and are scheduled to be heard on September 8. Speaking to Sing Tao Headline, Tam confirmed that she had filed the petitions against Tang and Lu, whom she identified as husband and wife. Tang is best known for producing and writing several classic TVB dramas, including The File of Justice and Healing Hands.
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A group of banks are moving to take over a Sheraton-branded hotel property near Hong Kong’s airport, according to people familiar with the matter, after its owner Shimao Group Holdings Ltd defaulted on a HK$4.5 billion loan, Bloomberg News reported. Lenders have been in advanced talks to appoint receivers for the more than 1,200-room property to expedite its sale and recovery of funds. Shimao’s units defaulted on the loan late last year. The original lenders to the project included HSBC Holdings plc, Bank of China (Hong Kong) Ltd, Bank of East Asia Ltd and some others.
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A small group of bankers in Hong Kong tasked with cleaning up the city’s unprecedented pile of bad debt is done playing nice, Bloomberg News reported. They number under 200 people, less than 0.07% of the city’s finance workforce. But these so-called special asset bankers are up against a large and increasingly urgent task: cutting a HK$200 billion pile of soured debt that’s pushed the city’s distressed loan ratio to a two-decade high.
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