Third Chinese Developer Gets Court Order to Liquidate Assets

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Buyers in Hong Kong wait in line at the sales office in July 2019 for a residential development jointly developed by Jiayuan. Photo: Bloomberg

(Bloomberg) — A third Chinese developer faces court-ordered liquidation after losing a winding-up case in Hong Kong, adding to a small but growing number of legal victories for creditors involving overdue debt.

Jiayuan International Group Ltd. received the order Tuesday, nearly eight months after a petition was filed by a bondholder involving $14.5 million allegedly due on a dollar note. Two peers got such orders last year from courts in Hong Kong, a gateway for investors to access mainland issuers’ high-yield offshore bonds.