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US$1B+ Real Estate Loans Reportedly Face Default Risk, Involving Parkview Group/ Gaw Capital Partners
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The Asian banking sector is being impacted by China's real estate crisis, with over US$1 billion real estate mortgage loans facing default risk, according to Bloomberg. Parkview Group, the developer of Hong Kong Parkview, has a US$940 million loan due today (14th). Although the company hopes to extend the loan term by one year, negotiations are reportedly ongoing, and Taiwan's Bank of Panhsin has yet to agree to the extension. Furthermore, a fund led by private equity firm Gaw Capital Partners failed to repay a US$260 million loan due this week, giving creditors the right to declare the fund in default within days. Banks involved in these loans include HSBC HOLDINGS (00005.HK), HANG SENG BANK (00011.HK), OCBC Bank and several Taiwanese banks. AASTOCKS Financial News Website: www.aastocks.com |
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