Richard Li Tzar-kai's Pacific Century Group was in debt to China Strategic Holdings at the time it announced the proposed acquisition of a company owned by China Strategic for a backdoor listing.
The disclosure Pacific Century had a previous business relationship with China Strategic and still owes it money follows huge gains in the share price of the backdoor-listing target which increased significantly the value of China Strategic's stake in the company.
Pacific Century Regional Development - the Singapore-listed property arm of the group - agreed last year to pay China Strategic $199.4 million in connection with a property development in Beijing.
A Pacific Century spokesman confirmed the company still owed China Strategic money and said the debt was being repaid over two years from last August.
The debt arose after Pacific Century Regional Development agreed to refund deposits on the development of Pacific Century Place in Beijing after China Strategic bought a company that had an interest in the project.