China’s Country Garden Faces Winding Up Petition In Hong Kong
Country Garden, China’s largest real estate developer as recently as 2022, said on Wednesday that a creditor had asked a Hong Kong court to liquidate its operations and pay off lenders, in the latest sign that China’s housing crisis continues unabated.Ever Credit, a Hong Kong lender, is petitioning the city’s High Court to shut down Country Garden. The court filing involves Country Garden’s failure to repay a loan of $204 million plus interest owed to Ever Credit, the real estate developer told the Hong Kong stock market.Ever Credit’s petition, known as a winding-up petition, is meant to force Country Garden to close its doors and sell its assets to make money it can use to pay back its creditors. The move followed a High Court order last month for the liquidation of China Evergrande. Coun...