[The Epoch Times, April 16, 2024](Reported by Epoch Times reporter Xia Song) Another Chinese real estate company has been applied for liquidation. On April 15, Times China Holdings Limited received a liquidation petition from Hang Seng Bank. On the 16th, the share price of Times China Holdings (1233.HK) plummeted, falling 51.26% to HK$0.116 during the session, hitting a record low.
On April 16, Times China Holdings announced that Hong Kong Hang Seng Bank Co., Ltd. submitted a liquidation petition against the company to the Hong Kong High Court on the 15th, involving amounts of approximately US$173 million (approximately HK$1.349 billion) and HK$731 million. corporate financial responsibility.
The Hong Kong High Court has set the first hearing date as July 3.
Times China Holdings stated that the board of directors believes that the liquidation petition may damage the company’s value and will seek legal means to oppose it and actively communicate and cooperate with overseas creditors.
Affected by this, Times China Holdings’ stock price plummeted, plummeting 51.26% to HK$0.116 during the session, and its stock price hit a record low. As of the close, the decline was 36.97%, reported at HK$0.15.
According to the Financial Associated Press, Times China Holdings currently has 7 existing US dollar bonds with a balance of US$3.15 billion. Six of them have defaulted, involving an amount of US$2.65 billion.
According to the performance announcement released by Times China Holdings on March 27, the company achieved revenue of 21.011 billion yuan in 2023, a year-on-year decrease of 14%; the annual loss was 4.345 billion yuan, a year-on-year decrease of 54.5%; the core net loss attributable to shareholders was 4.603 billion yuan, The year-on-year decrease was 53.1%. The main reason for the decrease in revenue is that the sales of properties delivered have decreased compared with 2022.
In terms of assets and liabilities, as of December 31, 2023, Times China Holdings’ cash and bank balance book balance was approximately 3.972 billion yuan, a decrease of 41.1% from 2022; of which restricted bank deposits were 2.239 billion yuan.
Since the outbreak of China’s real estate crisis, at least 10 Chinese real estate companies have received winding-up petitions from creditors in Hong Kong and other overseas courts.
Previously, Chinese developer Shimao Group said on April 8 that its creditor China Construction Bank (Asia) Co., Ltd. had filed a winding-up petition with the Hong Kong High Court.
On February 28, Country Garden stated that creditor Ever Credit has submitted a liquidation petition to the Hong Kong High Court.
In January this year, a Hong Kong court ordered China Evergrande Group to liquidate, encouraging creditors to apply more actively.
Editor in charge: Ren Zijun#
