China’s Country Garden faces liquidation petition

:China’s largest private property developer Country Garden Holdings said on Wednesday it was facing a liquidation petition for not repaying a term loan facility worth HK$1.6 billion ($204.5 million).

The petition was filed against the company by a credtior, Country Garden said in a regulatory filing to the Hong Kong Stock Exchange.

The move comes after China Evergrande Group, the world’s most indebted property developer, was ordered to be liquidated by a Hong Kong court in late January.

“The radical actions of a single creditor will not have a significant impact on our company’s guaranteed delivery of buildings, normal operations and the overall restructuring of overseas debts,” Country Garden said in statement to Reuters.

($1 = 7.8244 Hong Kong dollars)