By LI Hao
Already debt-laden, real-estate developer Baoneng might be liable for another 2.6 billion yuan (US$350 million).
The Bank of Shanghai has filed a complaint against Shenzhen Togis Technologies (Togis) and five guarantors - Baoneng Group, two of its subsidiaries, founder YAO Zhenhua, and Togis’s parent company.
The Bank of Shanghai and Togis signed the lending agreement on December 24, 2020. The loan was to be fully paid off in December 2023, but the Bank of Shanghai is asking for early repayment because Togis and its guarantors failed to make payments on time.
Togis is registered as a software company and controlled by HUANG Shilong, once head of a Baoneng subsidiary.
Baoneng's founder and CEO Yaowas recently attacked by an angry group of employees who hadn’t been paid for months. The developer has been sued for close to 40 billion yuan of debt, but the company owes a lot more including loans, supplier invoices and salaries.
