Jan 23, 2023 06:32 PM

Developer Oceanwide and Tycoon Lu Zhiqiang Sued in $1 Billion Loan Dispute

A branch of China Minsheng Bank. Photo: VCG
A branch of China Minsheng Bank. Photo: VCG

China Minsheng Banking Corp. Ltd. (600016.SH +0.57%), the country’s largest privately owned lender by assets, is suing developer Oceanwide Holdings Co. Ltd. (000046.SZ +1.50%) and its de facto controller property tycoon Lu Zhiqiang over a 7 billion yuan ($1 billion) loan dispute.

The bank’s Beijing branch has filed a lawsuit against Oceanwide, Lu and two property developers based in the central Chinese city of Wuhan. The firms, namely Wuhan Centre Building Development Investment Co. Ltd. and Wuhan CBD Co. Ltd., failed to repay debts of 3.97 billion yuan and 3.05 billion yuan, respectively, China Minsheng said in a Friday stock exchange filing.

You've accessed an article available only to subscribers
Share this article
Open WeChat and scan the QR code
Get our CX Daily, weekly Must-Read and China Green Bulletin newsletters delivered free to your inbox, bringing you China's top headlines.

We ‘ve added you to our subscriber list.

Manage subscription
Caixin-Sinica Business Brief: Hong Kong to Allow Retail Investors to Trade Crypto