Debt Crisis Looms as Country Garden Faces Liquidation Petition
Property Slump Deepens Amid Country Garden’s Failure to Pay Debts
Country Garden Holdings Co.’s debt crisis is entering a new chapter as China’s prolonged property slump deepens, following a creditor’s legal petition to liquidate the company over non-payment of its debt.
Hong Kong High Court Sets Hearing Date
The Hong Kong High Court has confirmed the first hearing date for the petition filed by Ever Credit Ltd. to liquidate Country Garden Holdings Co. Overdue payments on a term loan facility of approximately HK$1.6 billion ($204 million), as well as accrued interest, are the basis for the creditor’s action, as stated in an exchange filing.
