Citibank, Nine Masts Sue China Aoyuan

Nine Masts Capital, a Hong Kong hedge fund led by a professional poker player, has joined Citibank in taking legal action against China Aoyuan Group to recoup more than $131 million owed by the cash-strapped mainland developer, Mingtiandi reported.

Nine Masts and Citi’s High Court claim arises from “alleged events of default” under a credit agreement that includes certain non-payment events, Aoyuan said Tuesday in a filing with the Hong Kong stock exchange.

Read the full report: Mingtiandi

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George Russell

George Russell is a freelance writer and editor based in Hong Kong who has lived in Asia since 1996. His work has been published in the Financial Times, The Wall Street Journal, Bloomberg, New York Post, Variety, Forbes and the South China Morning Post.