- ORIGINAL NEWS
China’s Country Garden gets liquidation petition from creditor
- SUMMARY
China’s struggling property developer, Country Garden, has been hit with a liquidation petition for failing to repay a $204 million loan.
The company plans to fight the petition and has indicated that it is not expected to have a significant impact on its restructuring plan.
This news comes amid concerns about the health of China’s real estate sector, which has been plagued by high debt levels and a decline in demand for new housing.
- NEWS SENTIMENT CHECK
- Overall sentiment:
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“China’s Country Garden Holdings said Wednesday it received a liquidation petition filed by one of its creditors, deepening worries about the country’s beleaguered property sector.”
“The troubled property developer said in a regulatory filing it received a “winding-up” petition dated Feb. 27 filed by creditor Ever Credit Limited.”
“Shares of the company tumbled more than 12%.”