Who filed the winding-up petition against Country Garden?

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Ever Credit Limited Filed the Winding-Up Petition Against Country Garden

A winding-up petition against Country Garden has been filed in a Hong Kong court by Ever Credit Limited. This action stems from Country Garden's failure to repay a significant loan. The company has stated it will vigorously oppose the petition.
Petitioner's Background and Loan Details

Ever Credit Limited, the entity that filed the petition, is a licensed money lender and a subsidiary of Kingboard Holdings, a company listed in Hong Kong. Country Garden reportedly failed to repay HK$1.598 billion of a larger loan of HK$1.88 billion to Ever Credit.
Country Garden's Response and Restructuring Efforts

In response to the petition, Country Garden has announced its intention to fight the case vigorously. The company also indicated its ongoing commitment to communicate and collaborate with its offshore creditors regarding its restructuring plan, with the aim of making an announcement on the terms as soon as feasible.
Broader Context of the Property Sector Crisis

This petition against Country Garden highlights the ongoing struggles within China's property sector. Country Garden, one of the nation's largest real estate firms, has accumulated substantial debt, estimated at over US$190 billion, and has become a prominent example of the industry-wide crisis. This situation has raised concerns about potential wider economic repercussions, mirroring recent events such as the winding-up order against peer Evergrande.

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Who filed the winding-up petition against Country Garden?

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