Editors Note: Sign up for CNNs Meanwhile in China newsletter which explores what you need to know about the countrys rise and how it impacts the world.
Chinese property developer Country Garden, which defaulted on its debt last year, says it has received a liquidation petition from a creditor after not repaying a loan.
The winding-up petition was filed by Ever Credit Limited, which had lent Country Garden a term loan facility worth 1.6 billion Hong Kong dollars ($204.5 million), the developer said in a Wednesday stock exchange filing.
The news, which sent shares in the developer falling by more than 12%, comes just a month after rival property firm Evergrande was ordered to liquidate by a Hong Kong court in a landmark ru…
Read the full article at: https://edition.cnn.com/2024/02/28/business/china-country-garden-liquidation-petition-hnk-intl/index.html