May 24, 2023 03:52 AM

Logan and KWG’s HK Luxury Towers May Be Taken Over by Creditors

By Chen Bo, Wen Simin and Denise Jia

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The Corniche luxury residential project co-developed by Logan Group and KWG Group.

The Corniche luxury residential project co-developed by Logan Group and KWG Group.

Creditors of distressed developers Logan Group Co. and KWG Group Holdings Ltd. may take over billion-dollar Hong Kong luxury residential towers developed by the two companies after they defaulted on debts.

Some of the biggest banks operating in Hong Kong, including HSBC Holdings Plc, Standard Chartered Plc and Industrial and Commercial Bank of China (Asia) Ltd., provided HK$10.2 billion ($1.3 billion) of loans to finance the project, Bloomberg reported Tuesday.

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