A liquidation petition filed against China's Country Garden will ramp up pressure on the embattled developer to come to the negotiating table for debt restructuring talks, some of its offshore creditors, advisers, and analysts said. The liquidation order against peer China Evergrande in January will also inject urgency into Country Garden to start formal discussions with creditors, they said. Country Garden said on Wednesday a liquidation petition had been filed against it in a Hong Kong court for non-payment of a $205 million loan by a creditor, Ever Credit Limited, a unit of Hong Kong-listed Kingboard Holdings.
The founder and chairman of the indebted property developer top the Hurun Philanthropy List, which includes 34 Chinese business leaders who each donated at least 100 million yuan (US$13.7 million) to charitable causes in the last year.
Embattled property developer Country Garden issued a statement on Thursday morning rejecting talk, which it said was spread across several social media…