Country Garden Faces Liquidation Petition Amid China's Real Estate Crisis

The petition adds to the turmoil in the sector, following a similar fate for Evergrande last month.

Country Garden Holdings Co. faces a liquidation petition in Hong Kong, adding pressure for a quick debt restructuring.
The petition follows a historic liquidation order for China Evergrande Group, highlighting ongoing distress in China's real estate sector.
Country Garden's shares plunged nearly 14%, with its dollar bonds trading at deeply distressed levels.
The developer has taken steps to ease its debt woes, including repaying a local bond and selling a stake in a mall operator.
Beijing's property rescue campaign is showing signs of support for the industry, with Country Garden benefiting from approved financing projects.