Hong Kong developer Grand Ming Group has avoided risking default by obtaining waivers from its lenders for outstanding loans totalling HK$4.8 billion (US$611.5 million).
“The group has successfully obtained waivers from all lenders in respect of the breach,” the company said on Monday. “Accordingly, the lenders will not demand immediate repayment of the respective bank borrowings under the loan facilities from the group as a consequence of the breach. The group will repay the loan principal and…
