Troubled Chinese property developer Country Garden faces liquidation petition
CNN
Chinese property developer Country Garden, which defaulted on its debt last year, says it has received a liquidation petition from a creditor after not repaying a loan.
Chinese property developer Country Garden, which defaulted on its debt last year, says it has received a liquidation petition from a creditor after not repaying a loan. The winding-up petition was filed by Ever Credit Limited, which had lent Country Garden a term loan facility worth 1.6 billion Hong Kong dollars ($204.5 million), the developer said in a Wednesday stock exchange filing. The news, which sent shares in the developer falling by more than 12%, comes just a month after rival property firm Evergrande was ordered to liquidate by a Hong Kong court in a landmark ruling. The order came after the embattled Evergrande, once the country’s second largest homebuilder, and its overseas creditors had failed to agree on how to restructure the company’s massive debt during talks that lasted 19 months. There are still questions about how the collapse of Evergrande, the poster child of China’s real estate crisis, will affect investors, thousands of workers and homebuyers waiting for their apartments. As for Country Garden, it said in the filing it would “vigorously” oppose the liquidation petition, which was filed at Hong Kong’s High Court on Tuesday. A court hearing has been set for May 17, it added.
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