China Developer Sued, Shares Eye Weekly Loss: Evergrande Update
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A Chinese developer has been sued by a Singapore bank over a loan-repayment demand, in the latest sign that creditors to the nation’s distressed property firms are growing increasingly impatient.
Oversea-Chinese Banking Corp. filed a claim against Shimao Group Holdings Ltd. and a unit regarding a revolving credit facility agreed to in October, according to a Hong Kong court filing last week by OCBC. Elsewhere, China Evergrande Group’s onshore unit will next week meet with holders of a yuan bond to vote on a proposed interest payment extension.