Jiayuan International Holdings Co., Ltd. has received the Hong Kong Court of Courts, demanding dissolution and sale assets to repay overdue debt, becoming the latest Chinese real estate developer who lost in court.
According to Bloomberg, the liquidation of a debt involving a debt involving $ 14.5 million (about S $ 19.26 million) in the bond holder was invited for nearly eight months, and the judge on Tuesday (May 2)The so -called liquidation order was promulgated.
This is the third decision in Hong Kong since the Chinese real estate industry has fallen into a debt crisis.
In the past two years, the Chinese real estate credit market has fallen into unprecedented difficulties. The bond default rate has soared to a record high, and the sales of new houses have plummeted due to the liquidity of developers.Due to the disappointment of the long -lasting debt reorganization process of Chinese companies, overseas creditors are increasingly asking the court to accelerate the recovery of debt.
Jiayuan International failed to rank among the top 100 Chinese developers with contract sales. The company first proposed the US dollar bill exchange in August to extend the expiration time.However, after many extensions, the company gave up the efforts last week and said that it would continue to promote the plan conceived in the reorganization support agreement, thereby "seeking a more comprehensive solution."
Chen Jingfen, the judge of the Hong Kong High Court, said, "The so -called reorganization does not have a specific plan, but just an idea proposed by the company."
Many Chinese -funded developers with tight funds, including heavyweight companies such as Evergrande China, are facing liquidation.Last year, two other cases against Jiayuan International were rejected or revoked by the Hong Kong court.
