China's largest property developer Country Garden faces a $204.5m liquidation petition for non-payment by creditor Ever Credit Limited.
China's largest Chinese property developer, Country Garden, faces a liquidation petition filed by creditor Ever Credit Limited in Hong Kong for non-payment of a $204.5m loan. Country Garden, which defaulted on its overseas debt in October, has said it will "resolutely oppose" the petition. This adds to the woes for China's property sector, which is already dealing with a liquidity crisis. The Chinese government is making efforts to boost confidence in the property sector, which accounts for 25% of the country's GDP.
February 28, 2024
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