By Salina Li
Hong Kong developer Grand Ming Group warned investors that it has yet to repay a HK$4.8 billion (US$611.4 million) loan, with its gearing ratio surging past 200 per cent – another sign of the growing debt crisis among the city’s small and medium developers.
In a filing with the Hong Kong stock exchange on Tuesday, the company said that it had breached financial covenants under its loan facilities, according to its audited annual results for the year ended March 31.
“The group has obtained…