Chinese Developers Are Facing a Flurry of Winding-Up Lawsuits
- Sunac and Jiayuan are the latest to receive such petitions
- Many builders haven’t released post-default restructuring plan
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Smaller creditors of embattled Chinese property firms are increasingly turning to court to obtain payments, highlighting the turmoil in the property sector as developers rush to craft debt-resolution plans.
The most recent cases were filed against Sunac China Holdings Ltd. and Jiayuan International Group Ltd. They’re among at least six builders the past several months to receive winding-up petitions filed in Hong Kong or the Cayman Islands. Sunac, Jiayuan and China Evergrande Group all have November hearings scheduled for their cases.