Liquidators for China Evergrande (HKG:3333) are suing Hong Kong Golf Club to recover more funds from the embattled developer's assets, Bloomberg News reported Wednesday, citing a writ filed with the Hong Kong High Court.
Liquidators are looking to cash in on Evergrande's membership in the golf club, however, the current club's rules could hamper them from recovering more assets for creditors, the report said.
Among the problems liquidators face include the club asking to charge transfer fees twice, with one for the possible transfer from liquidators to any new buyer, and the other when the membership will transfer from Evergrande to the liquidators, the report said, citing people familiar with the matter.
A transfer of club membership would be deemed to have taken place when the owner is under any winding-up petition or when a court orders the liquidation of a member, the report said, citing club rules.
Membership transfer fees could be as high as one-fourth of the membership cost, which could run up to HK$18 million in the secondary market, Bloomberg said, citing a membership services website.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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