Times China

Times China hit with winding-up petition

The petition was filed over financial obligations of US$173.2m and $731.4m.

HSBC unit, Hang Seng Bank, filed a winding-up petition to the High Court to force the liquidation of Mainland developer Times China, with the first hearing scheduled for 3 July.

Hang Seng Bank filed the winding-up petition in connection with Times China’s financial obligations of US$173.2m ($1.36b) and $731.4m.

Last year, Times China defaulted on two-dollar bonds and ceased offshore debt payments despite China's extensive government efforts to relieve the property sector's liquidity crisis.

Times China now rec petitions filed against them in the High Court.

Earlier, China Construction Bank filed a liquidation petition against Shimao Group following the Times China's failure to repay loans of $1.58b.

Times China will continue to discuss restructuring plans with offshore creditors to announce terms soon. The firm will also negotiate a resolution with Hang Seng Bank soon.

Follow the link for more news on

Join Hong Kong Business community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Top News

Home prices may rise up to 5% amid strong first-hand sales demand
Transactions may reach 55,000-58,000 units, driven by first-hand sales contributing 35-40%, the highest level since 2004.
TADA launches beta ride services in Hong Kong
Booking fees are HK$8 for rides under HK$100 and HK$9 for higher fares.
Utilities