© Reuters
Investing.com– Embattled developer Country Garden Holdings (HK:), which is on the coronary heart of a property market disaster China, acquired a winding-up petition in Hong Kong on Wednesday over its incapability to repay a few of its money owed.
Creditor Ever Credit Ltd filed the petition within the High Court of Hong Kong over the non-payment of a HK$1.6 billion ($200 million) mortgage, plus curiosity, Country Garden mentioned in a submitting to the Hong Kong Stock Exchange.
The first listening to for the petition is now set to happen on May 17.
Country Garden is present process an enormous overhaul of its debt obligations, and has held a number of restructuring talks with collectors after it clocked a number of defaults in 2023. The agency, which is among the largest property builders in China, has now develop into the face of a struggling sector, amid slowing gross sales, weakening costs and fears of a wave of defaults.
Peer China Evergrande Group (HK:), whose default had triggered China’s ongoing property disaster, was ordered to liquidate by a Hong Kong court docket earlier this 12 months, after receiving the same winding-up petition from a few of its collectors.
