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.