Chinese Property Tycoon Faces Payment Demands on Overdue Loans

(Bloomberg) — A Chinese tycoon who had snapped up mansions and offices in Hong Kong and London faces demands from banks to repay more than $200 million of loans for which he and his family had provided personal guarantees, in a sign of further liquidity problems for the businessman and his property-investment company.

Nanyang Commercial Bank Ltd. has demanded payment from Chen Hongtian, chairman of Hong Kong-based investment company Cheung Kei Group, and his wife, Chen Li Ni Yao, on five overdue term-loan facilities totaling HK$799 million ($102 million), plus default interest, according to a writ dated April 17.