ITC Properties Group Limited 德祥地產集團有限公司

Master Glory (0275): winding up order
HK Court of First Instance, 1-Jun-2020
The 3 petitioners are all members of the China Huarong group. Of the supporting creditors, Advance Tech Ltd is owned by ITC Properties (0199) and Citizens Money Lending Corp Ltd is owned by Enerchina (0622). Justice Jonathan Harris writes that on the morning of the hearing, the company produced a "vague and unsophisticated" affirmation claiming that the "principal shareholder" (Allan Yap) is attempting to sell assets in the Mainland to settle debts. The judge calls the situation "ridiculous" and orders a winding-up.
Prosperity (0310) coughs up investment details at 30-Jun-2017
Company announcement, 1-Feb-2018
This follows a Webb-site complaint filed on 5-Jan-2018 that the company had failed to comply with Listing Rule disclosure requirements in its interim report and that the Exchange had failed to notice. There are several notable holdings exposed.
13 Holdings (0577) proposes sale of 51.76% of Paul Y. Engineering Group Ltd for HK$300m
Company announcement, 28-Jun-2017
45.76% to ITC Properties (0199) and 6% to Mr Chan Fut Yan, an ED of the target and ITCP. The shares of the Vendor, 13 (BVI) Ltd, were charged in 2016 as security for a HK$319m loan (plus $21.24m accrued interest) from Evo PE Opportunities, Ltd. It is a condition of sale that the security is discharged.
The paid advert opposing the blackout rule
With links to the signatories in Webb-site Who's Who. (29-Dec-2008)
SFC Prosecutes Power Hero International Ltd and Victoria Treasure International Ltd for disclosure failure
SFC, 24-Aug-2006

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