[HONG KONG] Developer China South City Holdings was ordered to liquidate by Hong Kong’s High Court, making it the biggest Chinese builder by assets to be wound up since China Evergrande Group.
The ruling from judge Linda Chan came after the liquidation petitioner asked for an immediate wind-up order. China South City asked the court for “one final chance”, but Chan said that no significant progress had been made on the company’s restructuring proposal.
The liquidation order shows how China’s years-long property crisis continues to shake one-time giants of the real estate industry. Despite government efforts to prop up the ailing sector, home sales are still weak, making any near-term recovery unlikely. Even UBS Group, which…