News Home FishingBoating Photo Gallery Australian Cruising Sail-World Australia : Xiangshan Yacht Club reportedly in the soup for RMB1.82bln
Xiangshan Yacht Club reportedly in the soup for RMB1.82bln

'Xiamen Xiangshan International Yacht Club'    What's On Xiamen    Click Here to view large photo

The International Yacht Club (Xiamen) Co. Ltd, the developer of the Xiamen Xiangshan International Yacht Club, was recently dragged into a debt crisis after a law firm made an announcement in a newspaper claiming the company owes its clients 1.82 billion Yuan (US$300 million) in unpaid debt, reports

The law firm, Fujian Tianheng Unite Law Firm, said in the announcement that the International Yacht Club (Xiamen) Co. Ltd owes its clients China Jingu International Trust Co. Ltd and the Fujian branch of China Cinda Asset Management Co. Ltd a total of 1.82 billion Yuan (US$300 million) and has failed to repay the debt in time.

Fujian Tianheng said some of the Xiamen International Yacht Club’s fixed assets, including the Xiamen Xiangshan International Yacht Club’s G2005G05 land parcel, VIP rooms and sales & training center, have been mortgaged to its clients, and they plan to liquidate the assets to pay the debt.

A reporter went to the Xiamen International Yacht Club to verify the rumor on Wednesday, but failed to get a reply from the company. The company’s sales offices are still in normal operation though, said the reporter.

According to public records, the International Yacht Club (Xiamen) Co. Ltd was registered in 2005, and it’s the developer of the Xiamen Xiangshan International Yacht Club, which boasts a total investment of more than 4 billion Yuan (US$656 million). The club is billed as Asia's top-end tourism real estate project integrating leisure, tourism, business and shopping.

The report said the company has been engaged in labour disputes, disputes with buyers and other debt disputes before.

by WOX Team


Click on the FB Like link to post this story to your FB wall

12:37 AM Sun 2 Mar 2014GMT

Click here for printer friendly version
Click here to send us feedback or comments about this story.

Marine Business News

Understanding the Ocean's role in Greenland Glacier melt by Woods Hole Oceanographic Institution (WHOI),

Revealing report on Search for American yacht Nina released *Feature by Rob Kothe and the Sail-World team,

Collinson FX Market Commentary: July 16, 2014 - Oz confirms low rates
Cameron Appleton joins North Sails
National 4x4 Outdoors Show - Unprecedented exhibitors expected
New-to-New Zealand products at the Auckland On Water Boat Show
Auckland on the Water Boat Show: Two new Bavaria yachts on display
AYSS PacificNet/Tahiti voted a success!
Collinson FX Market Commentary: July 15, 2014 - Rising interest hits
July 2014 edition of Finnfare has been published
Taiwan's first marina a Superior effort *Feature
Vaavud launches generation 2 wind meter
Research highlights marinas economic, social and environmental benefit
Solar 1 Monte Carlo Cup 2014 - Monaco sunshine new fuel for motorboats
Hamilton Island Audi Race Week 2014 - Accommodation options
Rio cleaning up its act in the lead up to Olympic sailing test event *Feature
Collinson FX Market Commentary: July 12, 2014 - KIWI heads to 90c
National Squib Owners Association and Rondar Raceboats join forces
Collinson FX Market Commentary: July 11, 2014 - Portugal bank defaults
Sydney International Boat Show updates
Portland’s new state-of-the-art boat ramp officially opened
Collinson FX Market Commentary: July 10, 2014 - KIWI hits higher
SECUMAR appoint new sales director   
Collinson FX Market Commentary: July 9, 2014 - New stat pushes ANZACs   
Your invitation to the Seawind 1160 LITE World launch   
APSNZ appoints Duthie Lidgard as new MD   
Abell Point Marina looking shipshape   
Oceanis 48 at the Sydney International Boat Show   
Bar Crusher's fully-enclosed fishing weapons   
World premieres and national debuts for Sydney International Boat Show   
Marine Auctions experiencing rising tide of interest *Feature   
Télégramme Group acquires majority stake in OC Sport   
Barnacle-encrusted Mercury outboard starts after lengthy submersion   
Auckland On Water Boat Show to hold world record attempt   
Zodiac at Sydney International Boat Show 2014 – Australian   
Gold Coast International Marine Expo - Exhibitor space filling fast   
Countdown to Sydney International Boat Show *Feature   
Collinson FX Market Commentary: July 5, 2014 - AUD jaw boned lower   
Collinson FX Market Commentary: July 4, 2014 - AUD Overvalued   
Cannes Yachting Festival - Oceanic Yachts 90' STS to premiere   
Global Marina Institute recognises marina professionals worldwide   
Ferretti Group continues to grow internationally   

For this week's complete news stories select    Last 7 Days
   Search All News
For last month's complete news stories select    Last 30 Days
   Archive News  

Switch Default Region to:

Social Media





New Zealand

United Kingdom

United States

Cruising Northern

Cruising Southern

MarineBusiness World

PowerBoat World

FishingBoating World






Contact Us

Advertisers Information

Submit news/events

Search Stories/Text


Advertisers Directory

Newsletter Archive

Photo Gallery


Banner Advertising Details

Newsletter Subscribe

Video Gallery





Privacy Policy



Cookie Policy



This site and its contents are © Copyright TetraMedia and/or the original author, photographer etc. All Rights Reserved.  Photographs are copyright by law.  If you wish to use or buy a photograph contact the photographer directly.
LocalAds   DE  ES  FR  IT