HK Legal Battle Underscores Risks of Private Loans to Developers [BNN Bloomberg (Canada)]
BOC HK HLDGS LTD S/ADR (BHKLY)
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Source: BNN Bloomberg
PACM Group filed a counter claim on Friday at Hong Kong's High Court against private Hong Kong real estate owner Top Gear Investment Ltd., corporate vehicle Pure Wide Ltd. and the director of both of those entities, George Wong, some 10 weeks after the three parties filed a lawsuit against PACM Group. The spat highlights the risks of betting on the Asian hub's real estate market amid a historic downturn. Private debt firms been drawn to the high interest rates they could garner from distressed property developers in the city. As banks have pulled back, private creditors have found a place in the market, with a record $23.4 billion of bank loans coming due this year. The legal battle began in November, when PACM Group agreed to loan the plaintiffs HK$680 million ($869,000) in two tranches, with a “target release date” of the first tranche “on or before Nov. 16,” according to the legal documents filed to the Hong Kong High Court on Feb. 6 and seen by Bloomberg News. The funds were
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