A Hong Kong court on Monday adjourned a hearing into a petition seeking liquidation of Country Garden until Jan. 20, 2025, giving a breather to the embattled Chinese developer who is trying to finalise an offshore debt revamp plan.
A Hong Kong firm filed a petition against Country Garden in February for non-payment of a $205 million loan. The developer defaulted on its $11 billion worth of offshore bonds last year.
The China based developer has huge investments in Johor and other parts of Malaysia, and is known for its mega Forest City project in Isknadar which recently courted controversy over alleged opening of a casino. However, the rumour has been killed off after the government issued a gag order on the matter.
