Now Chinese state-owned, the developer appears to want to draw a line under a traumatic two-year period which saw its fortunes reversed in dramatic fashion. Effectively now part of China’s Shuifa construction conglomerate, the proposed new name is intended to reflect the fact.
There was unanimous approval at a vote on the debt reorganization plan put before creditors in Hong Kong today and now it remains only for the scheme to be rubber-stamped in the territory – and in Bermuda – before the task of rebuilding the soon-to-be-state-owned business can begin.
The margin of support for the proposed $198 million takeover by a Beijing entity came as no surprise and the deal now hinges on the holders of $430 million of defaulted debts supporting a delayed settlement of their claims. First up, though, is a date with a winding-up petition on Monday.
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