KWG Group Facing Winding-up Petition From Creditor

MT Newswires Live

Aug 14

KWG Group (HKG:1813) said it was informed of a winding-up petition against the company in Hong Kong, according to a Hong Kong bourse filing Wednesday.

Shares of the property developer fell nearly 25% in afternoon trade Thursday.

The petition pertains to the repayment of 642 million yuan in debt plus 136.2 million yuan in interest to Shandong Sunlight Xin Tiandi Micro-finance, and is pending a hearing with the Hong Kong High Court on Oct. 22.

The company said it was seeking legal advice on the matter.

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