Developer Sunac China gets liquidation petition, Hong Kong judiciary website shows

(Reuters) - A liquidation petition has been filed against indebted property developer Sunac China, the Hong Kong judiciary's website showed late on Thursday.

The petition has been filed by a unit of asset manager China Cinda Asset Management, and a hearing is scheduled for March 19, the website shows.

Beijing-based Sunac and China Cinda Asset Management did not immediately respond to Reuters requests for comment.



Earlier this week, sources close to the company said it was unlikely to meet a September bond maturity deadline which is part of its restructuring process.

Sunac, which prior to the debt crisis that jolted the property sector in 2021 ranked among China's top developers by sales, was the first to complete a comprehensive overhaul of its $9 billion offshore debt in November 2023.

Source: Investing.com