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Yida China Hit With Lawsuit Over 498 Million Yuan Subsidiary Debt

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Yida China (HKG:3639) has been served with a lawsuit by Bohai Trust seeking the recovery of 498 million yuan plus interest, according to a Wednesday filing with the Hong Kong Exchange.

The property developer's shares gained nearly 3% in morning trade on Thursday.

The claim relates to a trust fund loan contract involving Yida's subsidiary, Gaoji Co., which allegedly failed to meet its repayment obligations.

Bohai Trust is also seeking priority compensation rights over the loan's collateral and Yida Real Estate's equity interest in Gaoji.

Yida China said it is reviewing the claim and is in talks with the lender to reach an arrangement.

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