Apr 16, 2024 04:26 PM

BUSINESS

Property Developer Times China Receives Winding-Up Petition in Hong Kong

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Times China defaulted more than a year ago on two dollar bonds and halted offshore debt payments. Photo: Bloomberg

Times China defaulted more than a year ago on two dollar bonds and halted offshore debt payments. Photo: Bloomberg

(Bloomberg) — A Hong Kong bank has filed a request for a court to wind up Chinese developer Times China Holdings Ltd., marking another case where a lender has actively pursued liquidation of a distressed builder.

The so-called winding-up petition was filed by Hang Seng Bank Ltd. at Hong Kong’s high court in connection with financial obligations of about $173.2 million and HK$731.4 million ($93.4 million), respectively, Times China said in a statement filed to the Hong Kong stock exchange.

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