Country Garden Holdings, the troubled property developer chaired by billionaire Yang Huiyan, has been hit with its first known liquidation petition in Hong Kong.
The company said Wednesday that creditor Ever Credit Limited filed a winding-up petition over HK$1.6 billion ($204.5 million) in unpaid loans, according to a filing with the Hong Kong Stock Exchange. A first hearing for the petition was scheduled for May.17, it said.
The filing of the petition does not represent the successful winding up of the company by the petitioner, Country Garden wrote in the filing. The company will oppose the petition vigorously.
The developer, which started restructuring its internationa…
Read the full article at: https://www.forbes.com/sites/ywang/2024/02/27/country-garden-hit-with-winding-up-petition-over-205-million-in-loans/