Real Estate
Property Developer Times China Receives Winding-Up Petition in Hong Kong
- Hang Seng Bank filed suit over two financial obligations
- Lenders have emerged as petitioners in recent wind-up cases
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A Hong Kong bank has filed a request for a court to wind up Chinese developer Times China Holdings Ltd., marking another case where a lender has actively pursued liquidation of a distressed builder.
The so-called winding-up petition was filed by Hang Seng Bank Ltd. at Hong Kong’s high court in connection with financial obligations of about $173.2 million and HK$731.4 million ($93.4 million), respectively, Times China said in a statement filed to the Hong Kong stock exchange.