Chinese property tycoon faces payment demands on overdue loans, including $147m from UOB

The Straits Times04-22

HONG KONG - A Chinese tycoon who had snapped up mansions and offices in Hong Kong and London faces demands from banks to repay more than US$200 million ($272 million) of loans for which he and his ...

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Chen, his wife and his son had made a similar personal guarantee for that loan. The loan was due and payable as of March 21.Property developer Times China receives winding-up petition i","collect":0,"end_time":0,"defaultTopTitle":"straitstimes.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK6027":"贸易公司与经销商","BK6520":"工商业服务概念","RS1.SI":"中国环境资源","U11.SI":"大华银行"},"translate_title":"中国房地产大亨面临逾期贷款的还款要求，其中包括大华银行1.47亿美元的贷款","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"RS1.SI":1,"U11.SI":1},"content_text":"HONG KONG - A Chinese tycoon who had snapped up mansions and offices in Hong Kong and London faces demands from banks to repay more than US$200 million ($272 million) of loans for which he and his family had provided personal guarantees, in a sign of further liquidity problems for the businessman and his property-investment company.   \nNanyang Commercial Bank has demanded payment from Chen Hongtian, chairman of Hong Kong-based investment company Cheung Kei Group, and his wife, Chen Li Ni Yao, on five overdue term-loan facilities totaling HK$799 million (S$138.8 million), plus default interest, according to a writ dated April 17. \nEach has provided personal guarantees for the loans and has agreed to be liable independently to pay for all sums guaranteed, according to the writ. The term loans dated 2017 all have a five-year tenor and were outstanding as of March 8. \n\n\n\nThe latest lawsuit from Nanyang Commercial Bank followed a separate demand by United Overseas Bank last month seeking payment of loan principal and unpaid interest, plus default interest, totaling HK$848 million (S$147 million). Chen, his wife and his son had made a similar personal guarantee for that loan. The loan was due and payable as of March 21. \nPlagued by what he has called “short-term liquidity issues” at Cheung Kei, which acquires and operates real estate assets globally, Mr Chen has lost at least US$1.4 billion (S$1.9 billion) worth of properties to creditors, both in Hong Kong and London, according to data compiled by Bloomberg. Among these properties, creditors have put up for sale anUS $892 million office tower in Hong Kong’s Hung Hom area and two buildings at London’s Canary Wharf.\nCheung Kei Group didn’t respond to a Bloomberg email requesting comment and phone calls to the company’s Hong Kong office went unanswered on April 22. Representatives from Nanyang Commercial Bank and UOB didn’t respond to Bloomberg’s email inquiries. \n\n\n\n\nAn ongoing downturn in office markets worldwide has weighed further on properties previously owned by Cheung Kei Group. Sales plans for 5 Churchill Place, one of the group’s investments at Canary Wharf, have been shelved, as interest rates remain high and vacancy rates shoot up.\n\n\nThe defendants have 14 days from the date of the writ to either satisfy the banks’ claims or to indicate to the court whether they would contest the proceedings or make an admission, according to the court filing. BLOOMBERG\n\n\n\n\n\nMore On This Topic\n\n \n\nChinese billionaire Chen Tianqiao named as one of America’s biggest foreign landowners\n\n\n\n \n\nProperty developer Times China receives winding-up petition in Hong Kong","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2429617993"}