Developer Sunac China faces winding-up petition in Hong Kong

A winding-up petition has been filed against cash-strapped property developer Sunac China at the Hong Kong High Court, the judiciary’s website showed.

The firm is working to restructure its offshore debt after missing some bond payments earlier this year, adding to a wave of defaults in China’s debt-laden property sector.

The petition was made by Chen Huaijun, according to the website, and a hearing will be held on Nov 16.

Further details about Chen Huaijun were not available and it was not immediately possible for Reuters to make contact in order to obtain comment.

It is the first winding-up petition known to have been filed against Sunac, a top 3 property developer by sales last year.

Sunac did not immediately respond to a request for comment on the petition. Judiciary officials could not immediately be reached for comment out of normal office hours.

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A few winding-up petitions have been filed against Chinese property developers in Hong Kong, including China Evergrande Group.

This week, Hong Kong’s High Court approved an application by Evergrande and its major offshore credit group to adjourn a winding-up petition filed by an investor against it to Nov 7 in order to allow it more time to formulate an offshore debt restructuring plan. REUTERS