© Reuters. FILE PHOTO: The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. REUTERS/Aly Song/File Photo
(Reuters) – China’s largest private property developer Country Garden Holdings said on Wednesday it was facing a liquidation petition for not repaying a term loan facility worth HK$1.6 billion ($204.5 million).
The petition was filed against the company by a creditor, Country Garden said in a regulatory filing to the Hong Kong Stock Exchange.
The move comes after China Evergrande (HK:) Group, the world’s most indebted property developer, was ordered to be liquidated by a Hong Kong court in late January.
“The radical actions of a single creditor will not have a significant impact on our company’s guaranteed delivery of buildings, normal operations and the overall restructuring of overseas debts,” Country Garden said in statement to Reuters.
($1 = 7.8244 Hong Kong dollars)
(This story has been refiled to fix a typo in paragraph 2)
This story originally appeared on Investing
