Core Viewpoint - South China City has been ordered to be liquidated by the High Court on August 11, leading to the suspension of its shares trading on the Hong Kong Stock Exchange starting from 10:55 AM on the same day, with further suspension until further notice [1] Summary by Relevant Sections - **Company Status** - South China City has been ordered to be liquidated by the High Court [1] - Trading of the company's shares will be suspended from August 11, 2025, at 10:55 AM [1] - The shares will remain suspended until further notice [1]

Core Viewpoint - The company, South China City (01668), is facing a winding-up petition filed by Citigroup International Limited in the High Court of the Hong Kong Special Administrative Region, with the court ordering the winding-up on August 11, 2025 [1] Group 1 - The winding-up petition was filed on January 27, 2025 [1] - The High Court appointed Mr. Zhou Weicheng and Mr. Pan Luyang from Fushigao Consulting Limited as joint and several liquidators on August 11, 2025 [1]

智通财经APP讯，华南城(01668)发布公告，内容有关花旗国际有限公司于2025年1月27日在香港特别行 政区高等法院对公司提出的清盘呈请。于2025年8月11日，公司被高等法院下令清盘。富事高咨询有限 公司(地址为香港鲗鱼涌英皇道979号太古坊濠丰大厦35楼)的周伟成先生及潘路洋先生于2025年8月11日 获高等法院委任为公司的共同及各别清盘人。 ...

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) 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 本公司債權人及／或其他相關者如有查詢，請聯絡清盤人，電郵地址為 ProjectCompassFTI@fticonsulting.com。 暫停買賣 股份自 2025 年 8 月 11 日（星期一）上午 10 時 55 分起暫停買賣，並將繼續停牌，直 至另行通知。 本公司股東、投資者及潛在投資者在買賣本公司證券時務請審慎行事。 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 ( 作為代理人毋需承擔任何個人責任 由法院作出清盤令及委任共同及各別清盤人 ; 及 暫停買賣 本公佈由華南城控股有限公司 (清盤中)（「本公司」）根據香港聯合交易所有限公司 證券上市規則（「上市規則」）第 13.0 ...

Group 1 - The core point of the news is that South China City Holdings Limited has been ordered into liquidation by the Hong Kong court, marking it as the largest liquidation case in the real estate sector since China Evergrande Group [1] - South China City Holdings' shares were suspended from trading at a price of HKD 0.107 per share, with a market capitalization of HKD 1.224 billion prior to the suspension [1] - The company has faced significant challenges in obtaining sufficient creditor support for its restructuring plan after months of negotiations [1] Group 2 - In December 2023, South China City announced that it was experiencing severe cash flow issues due to the deteriorating operating environment in the real estate industry, with USD 1.199 billion in dollar bonds maturing in 2024 [2] - The company reported its first significant loss since listing, with total liabilities amounting to approximately HKD 60.9 billion as of the end of last year [2] - As of last year, South China City had current liabilities exceeding current assets by HKD 2.848 billion, with overdue borrowings totaling HKD 15.742 billion [2]

华南城(1668.HK)上午10时55分起停牌。停牌前报0.107港元，跌1.83%。消息面上，有媒体称华南城被 香港高等法院勒令清盘，成为自中国恒大(3333.HK)被清盘以来资产规模最大的中国房地产商。此前华 南城经过数月谈判，但其重组方案仍未能获得债权人足够支持。 华南城此前与债权人就多个问题发生争执。在5月份的一次听证会上，债权人表示，他们希望华南城的 最大股东深圳市特区建设发展集团有限公司在债务谈判中发挥更大作用。 ...

每经AI快讯，8月11日，港股华南城于上午10时55分起暂停买卖。 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 華南城控股有限公司 呈交日期: 2025年8月5日 FF301 FF301 II. 已發行股份及/或庫存股份變動 第 2 頁 共 10 頁 v 1.1.1 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01668 | 說明 | 不適用 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | | 0 HKD | | 0 | HKD | | 0 | | 增加 / 減少 (-) | | | | 0 | | | HKD | | | | 本月底結存 | | | | 0 HKD | | 0 | HKD | | 0 | 本 ...

华南城(01668.HK)：于2025年5月19日的高等法院聆讯上，高等法院下令将呈请的清盘聆讯押后至2025 年8月11日。 ...

Strategic Projects and Locations - China South City has established eight projects aligned with national strategies such as the "Greater Bay Area", "Belt and Road" initiative, and "Yangtze River Economic Belt" [12] - CSC Shenzhen, located in Longgang District, is the Group's first project and is strategically positioned within the Greater Bay Area [18] - CSC Shenzhen covers a site area of approximately 1.02 million sq.m. and a total planned GFA of 2.71 million sq.m.[25] - CSC Nanning has a total planned net land area of approximately 1.83 million sq.m. and a total planned GFA of approximately 4.88 million sq.m.[39] - The project in CSC Nanning is strategically located near major transportation hubs, enhancing accessibility for suppliers and merchants[45] - CSC Nanchang has established a 30,000 sq.m. influencer livestreaming base to provide comprehensive services including anchor training and operation management[50] - The total planned land area for CSC Nanchang is approximately 2.61 million sq.m. with a total planned GFA of approximately 6.87 million sq.m.[52] - CSC Xi'an has a total planned land area of approximately 10.00 million sq.m. and a total planned GFA of approximately 17.50 million sq.m.[64] - CSC Harbin has a total planned land area of approximately 10.00 million sq.m. and a total planned GFA of approximately 12.00 million sq.m.[75] - CSC Zhengzhou has a total planned net land area of approximately 7.00 million sq.m. and a total planned GFA of approximately 12.00 million sq.m.[89] - CSC Hefei has a total planned net land area of approximately 10.00 million sq.m. with a total planned GFA of approximately 12.00 million sq.m.[101] - CSC Chongqing has a total planned net land area of approximately 5.90 million sq.m. with a total GFA of approximately 13.10 million sq.m.[114] Financial Performance and Projections - Revenue for the fiscal year 2024 is projected to be HK$4,083,380,000, an increase from HK$3,508,926,000 in the previous fiscal year[134] - Profit attributable to owners of the parent for the fiscal year 2024 is expected to be HK$760,200,000, compared to HK$699,984,000 in the previous fiscal year[135] - For the financial year 2024, revenue increased by 16.4% to HK$4,083,380, compared to HK$3,508,926 in the previous year[137] - The loss for the year reached HK$8,975,904, a significant increase of 107.9% from HK$4,317,590 in the previous period[137] - The basic loss per share was HK(78.45) cents, compared to HK(37.73) cents in the previous period, indicating a worsening financial position[137] - The Group's liquidity has become increasingly strained due to external environmental changes and sales falling short of expectations[158] - Net loss attributable to owners of the parent was HK$8,975.8 million, significantly higher than the previous year's loss of HK$4,317.5 million, resulting in a basic loss per share of HK78.45 cents[185] - The total interest-bearing debts of the Group decreased to HK$30,220.4 million as of 31 December 2024, down from HK$31,752.3 million a year earlier, with a gearing ratio of 110.9%[184] - Cash and bank balances as of 31 December 2024 were HK$717.7 million, a decrease from HK$1,143.6 million as of 31 December 2023[184] Operational Strategies and Initiatives - The Group's operational strategy was adjusted to focus on cash collection and merchant recruitment, with an emphasis on stabilizing operations[141] - The Group successfully completed the majority of its guaranteed delivery tasks, despite facing challenges in sales clearance progress[145] - The Group's logistics division, Qianlong Logistics, engaged with potential clients like the Want Want Group to enhance logistics solutions[149] - The Group plans to focus on sustainable development strategies centered on "merchant recruitment and operations" while optimizing its business structure[153] - The Group aims to accelerate asset destocking and enhance efficiency to further reduce interest-bearing liabilities[153] - The operational management team enhanced online and offline services, driving foot traffic and consumer demand, resulting in improved merchant performance and profitability[165] - A strategic partnership was established with Huamei Lijia Group to implement a 450,000 square meter furniture and building materials brand pavilion in Nanchang[165] - The establishment of an online centralized procurement platform in Chongqing is expected to enhance operations and services through digital empowerment[165] Market and Economic Context - The local government is developing Longgang District as an innovation center, which will advance infrastructure such as logistics and healthcare [19] - The ongoing development of transportation infrastructure, including the planned Metro Line 6 in Nanning, is expected to boost visitor traffic and business opportunities[33] - The metro south line 4 across CSC Hefei has been opened for operation on May 1, 2024, enhancing connectivity[95] - In the financial year, China's GDP grew by 5% year-on-year, indicating a significant slowdown compared to the previous year[157] Revenue Streams and Performance Metrics - Revenue from the sale of properties increased by 18.7% to HK$2,995.1 million, driven by the delivery of more properties that had completed contract sales in previous periods[192] - Property leasing income was HK$543.1 million, reflecting a decrease of 10.9% compared to HK$456.9 million in FY2023 due to declining leasing demand[194] - Other recurring revenue rose by 3.0% to HK$545.2 million, with logistics and warehousing services revenue decreasing to HK$123.5 million, while outlet operations revenue increased to HK$326.8 million[195] - The Group's cost of sales increased by 22.9% to HK$3,317.5 million, primarily due to an increase in projects delivered[196] - Gross profit decreased by 5.3% to HK$765.9 million, with a gross profit margin of 18.8%, down from 23.0% in the previous year[197] Recognition and Awards - The Group has been recognized in the "Top 50 Chinese Outlets" awards, highlighting its market presence and operational success[151] - The Group has received multiple honors, including the "2024 Guangdong Property Industry Comprehensive Strength Enterprise" award[174] - First Asia Pacific Group achieved National First-Class Property Management Qualification and received multiple awards, including "2024 Guangdong Property Industry Comprehensive Strength Enterprise"[172]