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A Hong Kong court has dismissed a 2024 winding-up petition filed against Chinese property developer Country Garden, the company said on Monday. The petition was lodged by Ever Credit Ltd, a unit of Kingboard Holdings, over alleged non-payment of a $205 million loan. The case had been adjourned at least five times since last year. The filing came shortly after a Hong Kong court ordered the liquidation of China Evergrande Group in early 2024, intensifying concerns about China's struggling property sector. The dismissal offers temporary relief to Country Garden amid a prolonged downturn that has seen falling home sales, developer defaults and weakening buyer confidence in what was once a key pillar of China's economy.
Chinese property developer Country Garden said on Monday that the Hong Kong High Court has dismissed a winding-up petition filed against it in 2024. Advertisement
The petition was submitted by Ever Credit Ltd, a unit of Hong Kong-listed Kingboard Holdings, in February 2024 over the alleged non-payment of a $205 million loan.
The filing came just a month after China Evergrande Group, once among China's top-selling developers, was ordered to be liquidated by a Hong Kong court. That ruling was widely seen as a setback to Beijing's efforts to stabilise the country's embattled property sector and restore market confidence.
Since 2024, the court had adjourned hearings on the winding-up petition against Country Garden at least five times before ultimately dismissing it.
China's property downturn is now in its fifth year. The sector, which once accounted for roughly a quarter of the country's gross domestic product, has been battered by weak demand and a liquidity crunch, with homebuyer sentiment further dampened by a series of developer defaults.
Source - Reuters
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