Market Chatter: China South City Ordered to Liquidate by Hong Kong Court

MT Newswires Live

Aug 11

China South City Holdings (HKG:1668) was ordered to liquidate by Hong Kong's High Court on Monday, Bloomberg News reported, citing court documents.

The liquidation order came after the court found the company had made insufficient progress on restructuring plans, the report said.

The winding-up petition was filed by Citicorp International, trustee of the company's defaulted dollar bonds, the report added.

Creditors had pushed for greater involvement from Shenzhen SEZ Construction and Development Group, the report said, adding that they were specifically seeking access to Shenzhen SEZ Construction's chairman, Li Wenxiong, who also serves as a co-chairman of China South City.

China South City, with liabilities of about HK$60.9 billion as of December 2024, is the largest Chinese developer by assets to be wound up since China Evergrande (HKG:3333), according to the report.

Shares in China South City were suspended from trading in Hong Kong following the court order.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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