Country Garden: China property giant hit with winding-up petition
Source: BBC
Country Garden: China property giant hit with winding-up petition
28 February 2024
By Mariko Oi
Business reporter
China's biggest private property developer Country Garden is facing a winding-up petition, which has been filed in Hong Kong by a creditor.
A firm called Ever Credit Ltd filed the case for non-payment of a loan worth HK$1.6bn ($204.5m; £161.2m).
Country Garden, which defaulted on its overseas debt in October, says it will "resolutely oppose" the petition.
Last month, rival real estate giant China Evergrande was ordered to liquidate by a Hong Kong court.
The court has set the first hearing date for the petition on 17 May, Country Garden said in a statement to the Hong Kong Stock Exchange.
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Read more: https://www.bbc.com/news/business-68420822