Developer Sunac Served With Hong Kong Winding-Up Petition

Property developer Sunac China has been served with a winding-up order at the Hong Kong High Court.

It is the first winding-up petition known to have been filed against Sunac, a top-three property developer by sales last year.

The firm was working to restructure its offshore debt after missing some bond payments earlier this year, adding to a wave of defaults in China’s debt-laden property sector.

The petition was made by Chen Huaijun, according to the judiciary website, and a hearing will be held on November 16.

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Sunac did not immediately respond to a request for comment on the petition. Judiciary officials could not immediately be reached for comment out of normal office hours.

A few wind-up petitions have been filed against Chinese property developers in Hong Kong, including China Evergrande Group.

This week, Hong Kong’s High Court approved an application by Evergrande and its major offshore credit group to adjourn a wind-up petition filed by an investor against it to November 7 in order to allow it more time to formulate an offshore debt restructuring plan.

Reuters with additional editing by Sean O’Meara

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Sean O'Meara

Sean O'Meara is an Editor at Asia Financial. He has been a newspaper man for more than 30 years, working at local, regional and national titles in the UK as a writer, sub-editor, page designer and print editor. A football, cricket and rugby fan, he has a particular interest in sports finance.