Turn for the Worse for China’s Property Crisis

Chinese developer Country Garden said on Wednesday a liquidation petition has been filed against it for non-payment of a $205 million loan, clouding its debt revamp prospects and undermining Beijing's effort to restore confidence in the property sector.

Country Garden said in a regulatory filing to the Hong Kong Stock Exchange it would "resolutely" oppose the petition, which was filed by a creditor, Ever Credit Limited, a unit of Hong Kong-listed Kingboard Holdings.