Reported 10 months ago
Dexin China Holdings Co., a Chinese developer, has been ordered to wind up by a Hong Kong court after defaulting on a petition filed by China Construction Bank (Asia) a year and a half ago. This highlights the ongoing distress in China's property sector and the government's efforts to aid industry recovery. Dexin's woes add to a list of developers such as Jiayuan International Group Ltd and China Evergrande Group facing similar orders in Hong Kong, with State Council stressing the need for policies to stabilize markets. Dexin's concentration on residential and commercial properties in the Yangtze River Delta region has resulted in substantial liabilities, leading to a suspension of trading after its shares dropped 6.6% on Tuesday.
Source: YAHOO