Embattled Hong Kong developer sued for HK$130 million, days after founder’s death

A Hong Kong property developer has been sued for HK$130 million (US$16.6 million) over allegedly breaching guarantor obligations in two bond subscription agreements, becoming the latest lawsuit to implicate the embattled company and following its founder’s sudden death earlier this week.Lofter Group, known for its urban renewal projects across the city’s core districts, and an affiliated company were named as defendants in the High Court action initiated by Earth Core Holdings, a firm registered in the Cayman Islands, according to the writ seen by the South China Morning Post on Friday.The court document states that Earth Core agreed to subscribe to bonds issued by local firms Our Country HK and Our Dream HK in December 2023, in the principal amounts of HK$87 million and HK$121 million, respectively.