Property developer Times China plunges to record low on winding-up petition in HK

Times China Holdings

16/04/2024 03:36

** Shares of Times China Holdings  1233.HK  plunge 26.5% to
a record low of HK$0.175  
    ** Tuesday's drop is the second biggest on record for the
Guangzhou-based Chinese property developer
    ** Stock is the second-biggest loser in the Hong Kong bourse
    ** Times China says Hang Seng Bank  0011.HK  filed a
winding-up petition against the company in a Hong Kong court 
    ** The petition is related to financial obligations worth
$173.2 mln and HK$731.4 mln ($93.44 mln), respectively, co says 
    ** Many Chinese property developers have been filed
winding-up petitions against offshore by creditors since the
sector was embroiled in a debt crisis in mid-2021, and a handful
has been ordered by courts to liquidate
    ** Hang Seng Mainland Properties Index  .HSMPI  drops 1.3%

    ($1 = 7.8273 Hong Kong dollars)

 (Reporting by Clare Jim)
 ((clare.jim@tr.com))