China's DaFa Properties ordered to wind up (updated)

DaFa Properties

16/10/2024 10:19

(Updates with further details from paragraph 2)
       Oct 16 (Reuters) - Chinese residential property
developer DaFa Properties Group  6111.HK  and its unit have been
ordered to wind up by Hong Kong's high court, an exchange filing
showed on Wednesday.
    In February, the company received a winding-up petition from
China Construction Bank (Asia) related to outstanding 12.375%
senior notes due in 2022, totaling $360 million. The petition
also included the company's unit, YinYi Holdings (Hong Kong).
    An increasing number of Chinese property developers,
including Country Garden  2007.HK , are facing liquidation
lawsuits from creditors, while China Evergrande Group  3333.HK 
was ordered to liquidate earlier this year.
    DaFa said last month that it may adopt measures that include
proposing a debt restructuring plan to its creditors.
    Trading in the company's shares remained suspended following
the winding-up order.


 (Reporting by Roshan Thomas in Bengaluru; Editing by Sonia
Cheema)
 ((Roshan.Thomas@thomsonreuters.com;))