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Hong Kong
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Hong Kong’s property downturn is taking a growing toll on New World Development Co., the firm owned by the billionaire Cheng family, Bloomberg News reported. The company said late on Friday it expects to post a loss of as much as HK$20 billion ($2.6 billion) for the financial year ended in June — its first annual loss in two decades. Its share price plunged 13% on Monday to the lowest level since 1986, when Bloomberg started tracking the data.
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A Hong Kong court on Wednesday dismissed a petition to liquidate Chinese education firm XJ International Holdings Co., dealing a blow to a group of bondholders that includes some of Asia’s most prominent hedge funds, Bloomberg News reported. Deputy High Court Judge Doreen Le Pichon threw out the wind-up petition on technical grounds, saying that XJ had shown there is a dispute that a put option hadn’t been properly exercised, according to a judgment dated Aug. 28 posted on the judiciary’s website.
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This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
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This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
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