Offshore creditor files petition to wind up Country Garden

Distressed mainland Chinese developer calls the move 'radical'

Country Garden's Hong Kong-listed shares dropped over 10% during early morning trading on Feb. 28. © Reuters

ECHO WONG, Nikkei staff writer

February 28, 2024 12:45 JST

Updated on February 29, 2024 11:56 JST

HONG KONG -- Ever Credit, an offshore creditor of Country Garden Holdings, has filed a petition to wind up the Chinese property developer, a move indicative of the ongoing property crisis in China.

Ever Credit, a unit under Hong Kong-listed Kingboard Holdings, filed the petition on Tuesday with Hong Kong's High Court over a due loan payment including principal of 1.6 billion Hong Kong dollars ($204 million), plus interest, according to an exchange filing by Country Garden on Wednesday morning.