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(Bloomberg) Country Garden Holdings Co. is set to begin a major legal battle on Friday, squaring off in a Hong Kong court against a creditor seeking the liquidation of the defaulted Chinese developer. Most Read from BloombergUS Inflation Data Was Accidentally Released 30 Minutes EarlyPutin and Xi Vow to Step Up Fight to Counter US ‘Containment’With a BlackRock CEO, $9 Trillion Vanguard Braces for TurbulenceJamie Dimon Sees ‘Lot of Inflationary Forces in Front of Us’Dow Average Touches 40,000 ....
HONG KONG (Reuters) -Chinese developer Country Garden said on Wednesday a liquidation petition has been filed against it for non-payment of a $205 million loan, clouding its debt revamp prospects and undermining Beijing's effort to restore confidence in the property sector. Country Garden said in a regulatory filing it would "resolutely" oppose the petition, which was filed by a creditor, Ever Credit Limited, a unit of Hong Kong-listed Kingboard Holdings, opens new tab. The petition is set to revive homebuyer and creditor concerns about the Chinese property sector's debt crisis at a time when Beijing is trying to boost confidence in the industry that accounts for a quarter of China's GDP. ....
A liquidation of Country Garden would exacerbate the real estate crisis, put more strain on its onshore lenders, and could delay the prospect of a recovery of not only the property market, but the overall Chinese economy. ....
Chinese developer Country Garden said on Wednesday a liquidation petition has been filed against it for non-payment of a $205 million loan, clouding its debt revamp prospects and undermining Beijing s. ....