US EditionChina’s Country Garden gets liquidation petition from creditor
- Country Garden Holdings received a liquidation petition from Ever Credit Limited, raising concerns about China's property sector.
- The petition involves the failure to repay a term loan facility worth HK$1.6 billion, with a court hearing set for May 17.
- The real estate downturn in China since 2021 has led to liquidity crises, defaults on debt, and concerns for major developers.
35 Articles
35 Articles
Country Garden liquidation petition deepens China’s property crisis
China’s troubled property developer Country Garden Holdings disclosed on Wednesday it received a liquidation petition filed by one of its creditors, a further sign of the deepening real estate crisis in mainland China. In a regulatory filing in Hong Kong, the company said a “winding-up” petition was filed by Ever Credit Limited at the High Court on Tuesday, involving a non-payment for a loan including interest of HK$1.6 billion (US$204.4 millio…
In the Chinese real estate crisis, a major property developer is once again threatened with liquidation.
One of the largest real estate concerns in China Country Garden has been filed for liquidation in court. As announced today through the Hong Kong Stock Exchange from the company, the request was filed by its creditor Ever Credit Limited due to a recalculated debt of almost 190 million euros.
With the settlement application against Country Garden, the pressure in China's real estate sector remains high. The company is not the first to have to defend itself against such a petition in Hong Kong.
China is struggling with major turbulence on the real estate market. Following the liquidation of the Evergrande Group, another corporate empire is now being targeted by the judiciary: the ailing real estate developer Country Garden.
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