https://hongkong.asiaxpat.com/Utility/GetImage.ashx?ImageID=fbf6abc2-b481-4762-9907-02d8fe67113c&refreshStamp=0
Almost no one wants to live at
The Corniche, an opulent apartment complex looking out over the South China Sea.
But the debt tied to its construction has proved hugely attractive for private credit investors willing to stomach the risks.
The apartments, conceived during China’s property boom by developers Logan Group Co. and KWG Group Holdings Ltd, were expected to generate HK$30 billion ($3.9 billion) in sales. Instead when completed last year, the buildings remained largely empty due to a combination of luxury prices for a subprime location and a meltdown in Hong Kong’s property market.
That left the developers desperate to repay their banks by August 25 and avoid a default.
https://www.bnnbloomberg.ca/business/international/2024/08/14/unloved-hong-kong-luxury-tower-spawns-wildly-popular-debt-deal/