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DaFa Properties and subsidiary ordered to liquidate over USD 360 million debt

#International News#Hong Kong
Last Updated : 25th Oct, 2024
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Synopsis

DaFa Properties Group, a Chinese residential property developer, has been ordered to wind up by Hong Kong's High Court, alongside its subsidiary, YinYi Holdings (Hong Kong). This decision follows a winding-up petition from China Construction Bank (Asia) regarding unpaid senior notes worth USD 360 million. The current crisis reflects a broader trend, as many Chinese property developers, including Country Garden and China Evergrande Group, are facing liquidation due to mounting debts. DaFa has suggested it may propose a debt restructuring plan, but trading of its shares remains suspended following the court's order.

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Hong Kong's high court has ordered the winding up of Chinese residential property developer DaFa Properties Group and its subsidiary, as indicated in an exchange filing on Wednesday. In February, the company faced a winding-up petition from China Construction Bank (Asia) concerning unpaid senior notes, which carry a 12.375% interest rate and were due in 2022, amounting to a total of USD 360 million. The petition also encompassed DaFa's subsidiary, YinYi Holdings (Hong Kong).


A growing number of Chinese property developers, such as Country Garden, are encountering liquidation lawsuits from creditors, while the China Evergrande Group was ordered to liquidate earlier this year. Last month, DaFa announced that it might consider measures, including presenting a debt restructuring plan to its creditors. Trading of the company's shares has been suspended since the winding-up order was issued.

The winding-up order underscores the escalating financial turmoil within China's real estate sector, highlighting the urgent need for viable restructuring strategies. As the situation develops, the impact on the broader market and the potential for recovery remains uncertain.
Next (RBI reports 3.1% rise in India�s housing prices with Kolkata in the lead)

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