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Developer China South City Ordered to Liquidate by the Hong Kong High Court
August 12, 2025
China South City has been ordered to liquidate by the Hong Kong High Court on Monday, with their shares also suspended in the morning session. After months of negotiations, China South City failed to secure enough creditor support for its restructuring plan. The company had been at odds with creditors over several issues. During a hearing in May, creditors said they wanted Shenzhen SEZ Construction and Development Group Co., China South City’s biggest shareholder, to play a larger role in the debt talks. Shenzhen SEZ is also a provider of keepwell deeds for some of the builder’s dollar bonds.
According to the developer’s annual report, its total liabilities stood at about HKD 60.9bn ($7.76bn) as of the end of last year. Cash and bank balances stood at HKD 717.7mn ($91.43mn). Meanwhile, defaulted borrowings surged to HKD 15.74bn ($2.01bn) as the company failed to meet principal or interest payments on time. China South City USD bonds have been trending down since May this year and are trading at around 25 cents on the dollar last night.
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