China Evergrande Group’s Palace of Versailles-like project in Yuen Long – used as a collateral to restructure part of the company’s massive debt – was recently seized by creditor Oaktree Capital, which has appointed receivers for the asset.The Shenzhen-based developer, which is saddled with US$310 billion in total liabilities, said it “is seeking legal advice to protect the legal rights of the company”, according to a filing to the Hong Kong stock exchange published on Sunday. It said Oaktree…
Source : South China Morning Post
Read more…China Evergrande seeks legal recourse after creditor Oaktree seized indebted developer’s Versailles-like project in Yuen Long
