Chinese property developer Country Garden's Hong Kong liquidation hearing adjourned

A logo of Chinese developer Country Garden is pictured in Tianjin, China , on Aug 18, 2023. A Hong Kong firm filed the petition against Country Garden in February for non-payment of a US$205 million loan. The developer defaulted on US$11 billion offshore bond repayments last year and is in the process of an offshore debt restructuring.

The hearing into the petition comes against the backdrop of Chinese authorities stepping up efforts to revive the property sector, which slipped into an unprecedented debt crisis in mid-2021. Over the past few years, a growing list of developers has defaulted on debt repayment obligations and a handful of them,

Beijing's various policy measures since 2022 have failed to turn around the sector, which represents around a fifth of the economy and remains a major drag on consumer spending and confidence.We know it's a hassle to switch browsers but we want your experience with CNA to be fast, secure and the best it can possibly be.

Source: Law Daily Report (lawdailyreport.net)

Country Garden Property Crisis Hong Kong

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