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Secretive Property Firm Doubles Down on Money-Losing Evergrande Bet

  • Asia Orient group’s holdings have $1 billion face value
  • Poon Jing’s company is now sitting on unrealized losses
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A little-known property company has been adding to its money-losing wager on China Evergrande Group, amassing bond holdings with a face value of $1 billion despite growing fears of a default.

Asia Orient Holdings Ltd., led by secretive tycoon Poon Jing, disclosed its position in a Hong Kong exchange filing this week showing it and group firms had spent at least $230 million on Evergrande debt over the past year. Asia Orient added to holdings in the midst of a deep market selloff on June 9, while an affiliate made purchases about a week later.