HSBC Hong Kong Hits Developer With $5M Swaps Suit

By Joanne Faulkner (January 12, 2022, 5:39 PM GMT) -- HSBC's Hong Kong subsidiary has hit a property development company with a lawsuit in London as the bank seeks to claw back more than $4.6 million it says it is owed from swaps and derivatives transactions.

The claim filed at the High Court against Cayman Islands-based Fantasia Holdings Group Co. Ltd. says the transactions at issue took place in 2020. Fantasia agreed that the deals would be governed by international standards — and HSBC alleges that these have been breached.

According to the lawsuit, which has recently been made public, Fantasia asked to close out six transitions in October but failed to...

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