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"Debt Woes: Country Garden of China Faces Liquidation Petition in Hong Kong"

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Source: The New York Times
"Debt Woes: Country Garden of China Faces Liquidation Petition in Hong Kong"
Photo: The New York Times
TL;DR Summary

Country Garden, once China's largest real estate developer, is facing a winding up petition from a Hong Kong lender seeking to liquidate its operations and pay off debts, signaling ongoing distress in China's housing market. The petition, filed by Ever Credit Ltd., aims to force Country Garden to sell its assets to repay a $204 million loan plus interest. This comes after a similar order for the liquidation of China Evergrande, and reflects the challenges creditors face in recovering loans from Chinese developers through the Hong Kong court system. Country Garden has vowed to vigorously fight the petition, with the first hearing scheduled for May 17.

Topics:top-news#business#china#country-garden#creditor#hong-kong#real-estate
Share this article
  1. China’s Country Garden Faces Winding Up Petition In Hong Kong  The New York Times
  2. Troubled Chinese property developer Country Garden faces liquidation petition  CNN
  3. China's Country Garden gets liquidation petition from creditor  CNBC
  4. China Developer Country Garden Gets Winding-Up Petition After Debt Crunch  Bloomberg
  5. Embattled China property giant Country Garden faces liquidation petition  The Guardian

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