The Chinese developer privately proposed a plan to some creditors, giving them an option to transfer their debt to an unnamed state-owned firm in Langfang city, where the builder is based, according to a copy of the proposal dated Oct. 12 and seen by Bloomberg News.
To gain support from the SOE, China Fortune Land would also transfer an unknown amount of assets, including receivables, to the firm, ...
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.