China’s Nation Backyard Will get Winding-Up Petition in Hong Kong

Nation Backyard Holdings Co.’s debt disaster is coming into a brand new chapter as China’s extended property stoop deepens, after a Hong Kong court docket obtained a creditor’s petition to liquidate the corporate over non-payment of its debt.

The primary listening to date is scheduled for Could 17 at Hong Kong’s Excessive Court docket, after Ever Credit score Ltd. filed its so-called winding-up petition dated Tuesday. Nation Backyard did not make funds on a time period mortgage facility of about HK$1.6 billion ($204 million), plus accrued curiosity, to the lender, in line with an change submitting.