Key Points
New Delhi: Chinese property giant Country Garden, once one of Chinas largest developers, faces a winding-up petition that has deepened the crisis in the countrys beleaguered real estate sector, coming weeks after a Hong Kong court ordered the liquidation of the prominent Evergrande Group...
Country Gardens creditor Ever Credit Ltd a unit of the Hong Kong-based chemicals and laminates manufacturer Kingboard Holdings filed the winding-up petition in the Hong Kong High Court Tuesday over the non-payment of nearly HK$1.6 billion (US$204 million)..
The court has set a date of 17 May for the first hearing of the petition...
It has come to the attention of the Company that a winding-up petition (the Petition) dated 27 February 2024 was filed by Ever Credit Limited (the Petitioner) at the High Court of the Hong Kong Special Administrative Region (the High Court) against the Company, said Country Garden in a regulatory filing to the Hong Kong Stock Exchange Wednesday...
Furthermore, the Company will seek legal measures to resolutely oppose the Petition, as the Board is of the view that the Petition does not represent the interests of other stakeholders and may impair the value of the Company, said Country Garden in its regulatory filing...
You might be interested in
Evergrande collapse: Hong Kong court orders liquidation of China property giant
29, Jan, 24Judge says ‘enough is enough’ after developer, which has $300bn in debt, fails to provide convincing restructuring plan
Once China’s top builder, Country Garden turns into penny stock
11, Aug, 23International Business News: Country Garden Holdings, formerly China's largest property developer, has become a Hong Kong penny stock amid rising scrutiny of its business and grow