China's Country Garden hires Kroll to carry out liquidation analysis: Sources
China's biggest private developer is facing a liquidation petition for non-payment of a $205 million loan, with a court hearing in the case set for May 17.
China's biggest private developer is facing a liquidation petition for non-payment of a $205 million loan, with a court hearing in the case set for May 17.
Beijing-based Radiant becomes the latest property firm to miss an offshore debt payment since a debt crisis engulfed the industry in mid-2021, leading to many defaults, such as those of China Evergrande Group and Country Garden.
The State Council - China's cabinet - is coordinating support effort for China Vanke , said the sources with direct knowledge of the matter, adding financial institutions have been requested to make swift progress.
The latest development came after Broad Peak Investment, which filed the winding-up petition in July in relation to non-payment of onshore bonds worth 170 million yuan ($24 million), sought to withdraw from the case as it has sold the debt holdings earlier this year.
The hiring by the lenders' group comes as the Foshan-based developer, China's top private property company by sales, prepares to face a Hong Kong court on May 17 after a creditor filed a liquidation petition against it.
Country Garden said in a regulatory filing to the Hong Kong Stock Exchange it would "resolutely" oppose the petition, which was filed by a creditor, Ever Credit Limited, a unit of Kingboard Holdings. A court hearing had been set for May 17.
China's largest private property developer Country Garden , which defaulted on its offshore debt late last year, said on Saturday more than 30 of its projects had been listed as suitable for financing support from local governments.
China's largest private property developer said in a statement to Reuters that its projects were included on the so-called "white lists" of the provinces of Heinan, Hubei, Sichuan, Shandong and the municipality Chongqing.
Property agent Knight Frank said it had been appointed by Risland UK - a subsidiary of Country Garden - to market the 1,000-home Calico Wharf development, where construction has yet to start, in the Poplar area of the city.
Evergrande owes $340 billion to its creditors. Experts say it's unclear if Monday's order will be enforced in mainland China, where the company and 90% of its assets are based.
The properties include a hotel resort, four office towers, a shopping mall as well as five rental apartment buildings, according to listings dated Jan. 19 on Guangzhou Enterprises Mergers and Acquisitions Services.