China South City Holdings Ltd, the largest Chinese property developer by assets to face court-ordered liquidation since China Evergrande Group, has been ordered to wind up by Hong Kong’s High Court, dealing another blow to already fragile investor confidence in the country’s real estate sector.
Bloomberg reported that the ruling from Judge Linda Chan came after the Shenzhen-based company failed to secure sufficient creditor backing for its restructuring plan. The winding-up petition was filed by Citicorp International Ltd, acting as trustee for the firm’s dollar bonds, raising fresh concerns about recovery prospects for offshore creditors in China’s ongoing property turmoil.
China South City, burdened with HK$60.9…