Property developer Sunac China received winding-up petition in Hong Kong

 

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Property developer Sunac China received a winding-up petition in Hong Kong and a court hearing is scheduled for Nov. 16, according to a filing, with parties involved including the company and Chen Huaijun.

The filing against Sunac could add pressure on the firm to speed up its restructuring process. After defaulting in May, the company said it would seek a holistic solution and appointed financial and legal advisers to explore liquidity solutions.

The case came after a wind-up petition was filed in June against embattled developer China Evergrande Group, as creditors of embattled Chinese property developers are increasingly seeking court help on debt repayment. The duo is among more than a dozen homebuilders that have defaulted on dollar bonds in the past year, fueling a record number of delinquencies by Chinese issuers this year.

Sunac China, once fourth-largest developer by sales in China, has fallen to ninth so far this year according to data from China Real Estate Information Corp.