Page 11 - Debt Restructuring News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Country Garden, which defaulted on overseas debt last year, says it will "resolutely oppose" the case.

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 ...

The firm, which defaulted on its overseas debt in October, says it will "resolutely oppose" the petition.

Global restructuring specialists Alvarez & Marsal and Houlihan Lokey have boosted headcount in Hong Kong as China's property crisis results in a surge in debt restructuring deals - making them a rare bright spot in hiring for the city's financial sector. China's property industry, a key pillar of the world's second-largest economy, has lurched from one crisis to another since 2021 after a regulatory crackdown on debt-fuelled construction triggered a liquidity squeeze. According to a Reuters tally, around 20 Hong Kong-listed Chinese real estate developers have default...

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