Core Viewpoint - South China City, a Shenzhen-based real estate developer, has been ordered into liquidation by the High Court, marking it as the fifth Chinese property company to face such a fate amid the industry's deep adjustment [2][3]. Group 1: Company Background and Financial Struggles - South China City was established in 2002 and has developed various logistics and commodity trading centers, with its first project launched in 2004 [6]. - The company has faced significant financial difficulties since 2021, leading to the introduction of state-owned capital for support [6][7]. - Despite efforts to restructure and secure financing, South China City reported a loss of HKD 4.32 billion for the fiscal year 2023, with total interest-bearing liabilities amounting to HKD 16.295 billion and cash reserves of only HKD 1.143 billion [7][8]. Group 2: Debt Issues and Liquidation Process - The liquidation was initiated due to a USD 306 million debt due in April 2024, which the company failed to repay, leading to multiple defaults [3][4]. - Following the defaults, South China City began a debt restructuring process but failed to present a complete plan before the liquidation order was issued [4][5]. - The company has been unable to reach an agreement with creditors, resulting in the court's intervention and the establishment of a temporary creditors' committee to manage asset disposal [4][5]. Group 3: Market Implications and Future Outlook - The trend of judicial liquidation among property developers has intensified since the Evergrande crisis, with expectations that more companies, especially smaller developers, will face similar pressures [5]. - The situation reflects a broader industry challenge where cash flow issues and weak refinancing capabilities are prevalent, leading to increased scrutiny from courts [5][9]. - The involvement of state-owned entities, initially seen as a rescue, has turned into a complex scenario with potential implications for future asset management and recovery strategies [9].

Core Viewpoint - The article discusses the recent court-ordered liquidation of South China City (华南城), marking it as the fifth Chinese real estate company to face such a fate amid ongoing industry turmoil, highlighting the challenges faced by developers with state-owned backgrounds [3][4][5]. Group 1: Company Background and Financial Struggles - South China City, established in 2002, is a developer and operator of integrated logistics and commodity trading centers, with its first project launched in 2004 [9]. - The company has faced significant financial difficulties since 2021, leading to the introduction of state-owned capital for support, which included a capital injection of over HKD 1.9 billion [9][10]. - Despite efforts to restructure and extend debt maturities, the company reported a loss of HKD 4.32 billion for the fiscal year 2023, with total interest-bearing liabilities amounting to HKD 16.295 billion and cash reserves of only HKD 1.143 billion [10][11]. Group 2: Debt Issues and Liquidation Process - The liquidation was initiated by Citigroup on January 27, 2025, concerning a USD 306 million bond due in April 2024, which had already defaulted earlier in February 2024 [5][6]. - South China City attempted to restructure its offshore debt but failed to present a comprehensive plan before the court's intervention, leading to the liquidation order [6][7]. - The company faced significant pressure from creditors, with a notable lawsuit filed by Citigroup against its major shareholder, the state-owned Shenzhen Special Zone Construction and Development Group, claiming damages of at least USD 1.407 billion [12]. Group 3: Industry Context and Future Implications - The liquidation of South China City reflects a broader trend in the Chinese real estate sector, where many developers are facing similar pressures due to cash flow issues and weak refinancing capabilities [7][8]. - Analysts predict that more developers, especially smaller ones with limited collateral, will encounter liquidation pressures as the industry continues to struggle [7].

【财华社讯】华南城(01668.HK)公布，冯星航因希望投入更多时间处理其他个人事务，辞去公司非执行 董事职务，自2025年8月10日起生效。 公司股份已于2025年8月11日(星期一)上午10:55起在联交所暂停买卖，直至另行通知为止。 本文源自：财华网 ...

Core Viewpoint - The company Huazhong City has been ordered to be liquidated by the High Court, marking a significant event in the ongoing crisis within the Chinese real estate sector [1] Company Summary - On August 11, Huazhong City (01668.HK) disclosed that it was ordered to be liquidated by the High Court [1] - The court appointed Zhou Weicheng and Pan Luyang from Fushigao Consulting Ltd. as joint and several liquidators for the company [1] - Huazhong City is the fifth Chinese property company to be ordered for liquidation during the current industry downturn, and it is the first developer with state-owned background to face such a fate [1] Industry Summary - According to incomplete statistics from CRIC, four other domestic property companies, including Xinli, Dafang, Jiayuan International, and China Evergrande, have also been ordered for liquidation in this round of deep industry adjustment [1] - Despite efforts over nearly three years, including asset disposals and financing activities supported by state-owned capital, Huazhong City has failed to achieve fundamental recovery and is now heading towards liquidation [1] - The company's stock has been suspended from trading and will continue to be on hold [1]

Group 1 - Shenzhen's planning adjustments involve 5 plots, including 4 residential land parcels, which will increase housing supply and enhance the area's residential function and attractiveness [1] - The adjustments are expected to inject new vitality into the real estate market in the Guangming District, promoting regional development [1] Group 2 - South China City received a winding-up order from the Hong Kong High Court, leading to a suspension of trading, with a market capitalization of HKD 1.224 billion [2] - The company failed to secure sufficient support for its restructuring plan, indicating significant operational changes and increased uncertainty for shareholders [2] Group 3 - Oriental Yuhong received a warning from the Beijing Securities Regulatory Bureau due to issues in information disclosure and internal controls, which could damage the company's governance image [3] - The company is required to rectify these issues to regain market trust, potentially prompting self-examination among peers [3] Group 4 - Shiyong Zhaoye repaid a loan of CNY 100 million to its related party ahead of schedule, which may enhance market confidence in its financial operations [4] - This move could improve the company's image regarding capital flow within the industry and positively influence investor expectations for healthy financial cycles [4] Group 5 - Shenzhen's Huangting Plaza is set for auction with a starting price of approximately CNY 3.053 billion, which is 70% of its assessed value of CNY 4.361 billion [5] - Successful auctioning could alleviate some debt pressure for Huangting International and may lead to a reassessment of commercial asset values in prime locations [5]

Core Viewpoint - The company Huazhong City (01668.HK) has been ordered into liquidation by the High Court, marking it as the first state-owned developer to face such a fate amid the ongoing turmoil in the real estate sector in China [1][2]. Group 1: Company Background - Huazhong City, established in 2002 and listed in 2009, primarily operates as a developer and operator of integrated logistics and commodity trading centers, with significant projects in cities like Shenzhen, Nanning, and Xi'an [4][5]. - The company has faced severe financial difficulties since the real estate market downturn began in 2021, leading to the introduction of state-owned capital for support [4][5]. Group 2: Financial Struggles - As of the fiscal year 2023, Huazhong City reported a loss attributable to shareholders of HKD 4.32 billion, with interest-bearing liabilities totaling HKD 16.295 billion and cash reserves of only HKD 1.143 billion [6]. - The company attempted to restructure its debts, but out of five bonds, only one was granted an extension, while two bonds defaulted in February 2024, triggering the current liquidation process [6]. Group 3: Liquidation Process - The liquidation was initiated by Citigroup International concerning a USD 306 million bond due in April 2024, which had already defaulted [2][3]. - Despite efforts to negotiate with creditors and restructure debts, Huazhong City failed to present a comprehensive debt restructuring plan before the court's intervention [2][3]. Group 4: Market Implications - The case of Huazhong City reflects a broader trend in the Chinese real estate market, where many developers are facing similar pressures, particularly smaller firms with weak refinancing capabilities [3][7]. - The involvement of the court in the liquidation process indicates a shift towards more aggressive measures to address the ongoing liquidity crisis in the sector [3][7].

格隆汇8月11日丨华南城(01668.HK)公告，冯星航因希望投入更多时间处理其他个人事务，辞去公司非 执行董事职务，自2025年8月10日起生效。 ...

华南城(01668)公布，冯星航先生因希望投入更多时间处理其他个人事务，辞去公司非执行董事职务， 自2025年8月10日起生效。 ...

Group 1 - The core point of the article is the resignation of Mr. Feng Xinghang from the position of non-executive director of South China City Holdings, effective from August 10, 2025, due to his desire to dedicate more time to personal matters [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示，概不就因本公佈全部或任何部分內容而產生或因倚賴該等內容而引致 的任何損失承擔任何責任 China South City Holdings Limited (In Liquidation) 華南城控股有限公司 (清盤中) ( 於香港註冊成立的有限公司 ) (股份代號: 1668) 非執行董事辭任 華南城控股有限公司(清盤中)(「本公司」)宣佈，馮星航先生(「馮先生」) 因希 望投入更多時間處理其他個人事務，辭去本公司非執行董事職務，自2025年8月 10日起生效。 馮先生已確認其與本公司董事會並無任何分歧，且彼並不知悉任何與其辭任有 關而需要提請本公司股東及香港聯合交易所有限公司(「聯交所」)注意的事項。 本公司股份已於2025年8月11日(星期一)上午10:55起在聯交所暫停買賣，直至另 行通知為止。 本公司證券持有人及本公司潛在投資者在買賣本公司證券或作出有關證券的決 定時務請謹慎行事。 代表 華南城控股有限公司 (清盤中) 周 偉 成 潘 路 洋 共同及各別清盤人 ( 作為代理人毋需承 ...