Yida China Units Face Northern Trust Civil Complaint Over Unpaid Loan

MT Newswires Live12-23 12:25

Yida China (HKG:3639) said subsidiaries Rongtai Company and Zhengzhou Yida have been served with a civil complaint filed by Northern Trust over unpaid borrowings, according to a Monday Hong Kong bourse filing.

Shares of the property firm were up 2% in Tuesday late morning trade.

The lender is seeking repayment of about 482 million yuan in loan principal. It is also claiming accrued interest, penalty interest, and liquidated damages, bringing the total amount to roughly 612 million yuan as of Sept. 21, the filing showed.

Yida China said it is seeking legal advice and is in active discussions on a settlement covering the outstanding principal and interest.

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