Chinese property giant Country Garden faces liquidation petition

World Economy

Embattled Chinese property developer Country Garden Holdings Co. said Wednesday a creditor has filed a winding-up petition at a Hong Kong court, amid a deepening real estate sector crisis in the world’s second-largest economy.

The creditor sought Country Garden’s liquidation Tuesday over an unpaid loan of HK$1.6 billion ($200 million) plus interest, the company said, adding it will “oppose the petition vigorously” and “take all necessary actions to protect its legal rights” as well as seek legal measures.

The petition “does not represent the interests of other stakeholders and may impair the v...

Kyodo News

Kyodo News