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(01668)股票停牌 香港高等法院下达清盘令 去年总负债逾600亿港元