China Minsheng Banking Corp., the country's largest privately owned lender by assets, has filed a lawsuit against developer Oceanwide Holdings Co. and its de facto controller, property tycoon Lu Zhiqiang, over a 7 billion yuan ($1 billion) loan dispute.
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Oceanwide and tycoon Lu Zhiqiang named in $1bn China suit
China Minsheng Banking Corp. acts as nation's real estate debt piles up
A Beijing construction site on Jan. 11: Scores of Chinese property companies have missed bond and loan repayments and consequently been cut off from much-needed funding sources. © Reuters
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