Overview
- The Hong Kong High Court on Feb. 16 dismissed a creditor petition seeking to wind up Chinese developer Country Garden.
- The court did not disclose the reason for dismissing the case at the hearing.
- Country Garden has been described as in default after failing to pay a U.S. dollar bond coupon on time in October 2023.
- The petition was brought by some creditors in February 2024 over unpaid debts, according to the reporting.
- The ruling removes the immediate threat of liquidation, though reports suggest progress in debt negotiations and the broader property slump still clouds any turnaround.