A businessman is claiming more than HK$560 million in a lawsuit against Deutsche Bank and others over a deal involving a premium office building in Beijing.
Tin Lik, a Hong Kong businessman involved in property and hotel development in the mainland, filed a writ in the High Court earlier this week against Deutsche Bank and RREEF China Reit Management. HSBC Institutional Trust Services (Asia) was also named as a respondent in its capacity as trustee for the RREEF China Commercial Trust.
In 2006, Tin bought the Beijing Gateway Plaza, comprising two 25-storey buildings, in a business district known as the Lufthansa area.
Tin said in the writ that Deutsche Bank approached him with a proposal relating to the company holding the property in 2006.
They eventually made an agreement under which Tin would sell his 100 per cent stake in the company and units in the trust would be listed in an initial public offering.
In 2007, the listing of RREEF China Commercial Trust went ahead. RREEF China Reit Management was manager of the trust, controlled by the Deutsche Bank.