R&F Units’ Wind-Up Cases Dismissed in Setback for Creditors

A Hong Kong judge dismissed winding-up petitions against two units of Chinese developer Guangzhou R&F Properties, in a blow to creditors seeking repayment of a $614 million loan.

During a hearing Monday, High Court Judge Linda Chan questioned the purpose of liquidation cases against R&F Properties (HK) Co. and Trillion Glory Ltd., saying that the two units “have no free assets” for the petitioning creditors to take.

Seatown Private Credit Master Fund, one of the lenders holding 18% of the outstanding loan principal, filed liquidation petitions against both units last year. Trillion Glory is the borrower of the ...