A liquidation petition was filed against indebted developer Sunac China Holdings in Hong Kong amid its efforts to restructure its offshore debt for the second time, marking the latest drama for China’s cash-starved property sector.
The petition was filed by China Cinda (HK) Asset Management and a hearing on the matter has been scheduled for March 19, according to a record on the city’s judiciary website.
Sunac’s Hong Kong-listed shares slumped 21 per cent to HK$1.38 at the noon break on Friday, after falling nearly 29 per cent in the morning session.
Sunac said it would make a statement later Friday, while China Cinda did not reply to a request for comment.
The company, ranked 18th among Chinese developers by sales, has told some of…
