Chinese Developer R&F Properties’ Unit Gets Liquidation Petition

A winding-up petition was filed in Hong Kong against a subsidiary of Chinese developer Guangzhou R&F Properties Co., adding the company to a growing list of distressed builders facing legal challenges in the financial hub.

Seatown Private Credit Master Fund, one lender in an outstanding loan with $613.7 million in principal, filed the petition against borrower Trillion Glory Ltd. on Monday, according to an HKEX filing. Trillion Glory is a wholly-owned subsidiary of R&F Properties.

The case is scheduled to be heard before Hong Kong’s high court on Sept. 25, the filing said.

In the statement, the Guangdong-based ...