Embattled China property giant Country Garden faces liquidation petition
Country Garden’s shares fell more than 12% in early trading on Wednesday, amid a continued debt crisis in China’s property sector
Country Garden Holdings has said a liquidation petition has been filed against the property developer for non-payment of a loan worth $205m, adding to the woes for China’s liquidity crisis-hit property sector.
Country Garden said in a regulatory filing to the Hong Kong Stock Exchange it would “resolutely” oppose the petition, which was filed by a creditor, Ever Credit Limited, a unit of Kingboard Holdings. A court hearing has been set for 17 May.
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