HONG KONG: A Hong Kong court on Friday ( May 17 ) adjourned to Jun 11 a reading of a petition , seeking the bankruptcy of Country Garden, providing a break to the troubled Chinese designer amid Beijing’s efforts to resurrect the problems- hit home business.
A Hong Kong business sued Country Garden in February to stop paying off a US$ 205 million payment.
The developer is currently undergoing an onshore debt restructuring and defaulted on US$ 11 billion in debt last year.
The receiving into the plea comes as Taiwanese authorities make more efforts to revive the property industry, which experienced a never-before-seen debt crisis in the middle of 2021.
A growing number of programmers have broken their loan obligations over the past few years, including China Evergrande Group, and some have received orders to liquidate.
Since 2022, Beijing’s different policy initiatives have failed to turn around the industry, which accounts for about a five of the market and continues to put a lot of strain on consumer confidence and spending.