China Property Group Logan Group Received Hong Kong Lawsuit for Defaulting on $83 Million Loan Payment in 2023 to China Citic Bank
8th March 2025 | Hong Kong
China property developer Logan Group has received a Hong Kong lawsuit for defaulting on $83 million loan payment (HKD 652 million) in 2023 to China Citic Bank. In 2022, China Citicorp International has filed a winding-up petition on China multi-billion property group Logan Group on behalf of minority holders, claiming $300 million senior notes with 5.75% coupon due 2025. The filing against the property firm was made to the Grand Court of the Cayman Islands and the High Court of the Hong Kong Special Administrative Region. In 2023, Logan Group & KWG Group Hong Kong luxury residential project The Corniche may be taken over by creditors including HSBC, Standard Chartered Bank & ICBC (Industrial & Commercial Bank of China), with loans of $1.3 billion owed to the banks (The Corniche) and total outstanding $10 billion of debts (Logan Group, KWG Group). Logan Group has a total of $2.9 billion in outstanding bonds & notes. Logan Group is 85% owned by Perenna Kei through family trust and is one of the youngest woman billionaire in China. Her father is Kei Hoi Pang (Ji Haipeng), and is Logan Group Founder & Chairman.
China Distressed Property Developers Logan Group & KWG Group Hong Kong Luxury Residential Project The Corniche May be Taken Over by Creditors Including HSBC, Standard Chartered Bank & ICBC, Loans of $1.3 Billion Owed to Banks and Total Outstanding $10 Billion of Debts
27th May 2023 – China distressed property developers Logan Group & KWG Group Hong Kong luxury residential project The Corniche may be taken over by creditors including HSBC, Standard Chartered Bank & ICBC (Industrial & Commercial Bank of China), with loans of $1.3 billion owed to the banks (The Corniche) and total outstanding $10 billion of debts (Logan Group, KWG Group).
Logan Group
Founded in 1996, Logan Group Company Limited (“Logan Group” or “the Group”, stock code：3380.HK) is an integrated property developer focusing on residential property development in the PRC, mainly the Guangdong-Hong Kong-Macao Greater Bay Area, with its products primarily target first-time homebuyers and upgraders. It was listed on the main board of the Stock Exchange of Hong Kong in 2013. The Group has Grade-A qualifications in property development, general contracting of construction as well as engineering design, and is one of the best property developers in the PRC in terms of overall strength. Logan Group ranked 184nd in Fortune China 500 List, Forbes’ Global 1000 List, and 3rd in the “Top 10 Hong Kong-listed Chinese Property Developers – Investment Value” in 2020. the group ranked 18th in the 2020 Best 50 China Real Estate Listed Companies with Strongest Comprehensive Strengths, with its brand and overall strength being highly recognized by the market. For many years, Logan has been following the development of the country, adhering to the brand philosophy of “Shaping Cities and Homes with Responsibility and Sincerity”. It has developed more than 150 residential projects to date, providing high-quality residential services for more than one million people. In March 2020, Logan became a constituent stock of Hang Seng Composite LargeCap Index, which demonstrated the Company’s leading position and sustainable development capability. Besides, the Company is a constituent stock of Hang Seng Stock Connect Greater Bay Area Composite Index and Hang Seng High Dividend Yield Index, MSCI China All Shares Index and FTSE Shariah Global Equity Index and are included in the list of eligible stocks for Southbound trading under Shenzhen-Hong Kong Stock Connect and Shanghai-Hong Kong Stock Connect. In addition, Logan is rated “Ba3”, “BB” and “BB” by Moody’s, Standard & Poor’s and Fitch, outlook “positive”, “stable” and “stable” respectively.
KWG Group
Founded in 1995, KWG Group Holdings Limited (“KWG” or “The Group”) is now one of the leading integrated urban operators in China. The Group was listed on the Main Board of The Stock Exchange of Hong Kong (stock code: 1813.HK) in July 2007. Since its establishment, KWG Group has always upheld its core philosophy of “Build home with heart, create future with aspiration”, and has focused on the development, sales, operation and management of high-quality properties across a number of sectors.
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