The Hong Kong High Court has ordered the liquidation of South City, making it the largest Chinese property developer by assets to be wound up since China Evergrande Group.
The company failed to secure sufficient creditor backing for its restructuring plan after months of negotiations, underscoring how China’s prolonged property downturn continues to topple once-dominant real estate firms.
Share trading of the firm has been halted.
The moribund property sector, mired in debt, continues to drag on the Chinese economy
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