Hong Kong billionaire Li Ka-shing’s CKH Asset Holdings has contacted HSBC, hoping to take over the creditor rights of the Corniche, a luxurious residential project in Hong Kong co-developed by mainland property developer KWG Group and Logan Group, according to Chinese news outlet Yicai.
Banks including HSBC Holdings, Standard Chartered, provided HK$10.2 billion ($1.3 billion) of loans to finance the project, according to earlier media report.
People from Logan Group and KWG Group both said that the debt of “Kai Yue” projects are included in the two companies’ restructuring plan and if the debts are transferred by the consortium to CKH Asset at the moment, they worried that CKH will oppose the debt restructuring and force the project be sold, according to the report.