Date
11 December 2017

Shangshan Int’l Yacht Club in hot water over debts, paper says

The China Bay Shangshan International Yacht Club in Xiamen, which claims to be the largest of its kind in Asia, has been asked by its creditors to repay debts worth 1.82 billion yuan (US$296.09 million), National Business Daily reported Tuesday, citing a statement from a law firm representing the creditors. According to the statement, China Jingu International Trust Co. Ltd. and the Fujian unit of China Cinda Asset Management Co. Ltd. (01359.HK) plan to petition the court to liquidate the club or enforce disposal of pledged assets. The club owns about 700 yacht berths but only about 100 are said to be in use, according to the report.

– Contact HKEJ at [email protected]

TL/AC/RC

 

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