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Country Garden Holdings Faces Winding-Up Petition in Hong Kong

·1 min

Chinese Developer Faces Lawsuit over Nonpayment

A Chinese developer is facing legal action after failing to repay a term loan of approximately $204.5 million and accrued interest. The lawsuit was filed by Ever Credit Ltd. According to the petition, the developer has defaulted on the loan, prompting the legal proceedings. The case revolves around the nonpayment of the loan and the accumulated interest. The developer’s identity has not been disclosed.