Core Viewpoint - On August 11, South China City (01668.HK) was ordered to be liquidated by the Hong Kong High Court, becoming the largest developer by asset size to face liquidation after China Evergrande [1][3]. Group 1: Company Background and Financial Status - South China City is a comprehensive commercial logistics enterprise listed on the Hong Kong Stock Exchange, established in May 2002 [6]. - The company reported a significant loss for the first time since its listing, with a net profit loss attributable to the parent company of HKD 8.986 billion, and had HKD 15.742 billion in overdue borrowings [5][6]. - As of the end of 2024, South China City had total assets of HKD 87.551 billion and total liabilities of approximately HKD 60.944 billion, with interest-bearing debt of HKD 30.22 billion [5]. Group 2: Debt and Liquidation Process - South China City faced a liquidation petition from Citigroup International Limited regarding a debt of USD 306.1704 million related to a USD 288.84 million senior note due in April 2024 [4]. - The company attempted a debt restructuring plan but faced opposition from creditors, with a significant portion of its debt being non-performing [5]. - The company’s cash and cash equivalents were approximately HKD 4.114 million, insufficient to cover its debts [5]. Group 3: Market Reaction and Trading Status - Trading of South China City shares was suspended on August 11 at a price of HKD 0.107 per share, with a market capitalization of only HKD 1.2 billion prior to suspension [3]. - The liquidation was anticipated by creditors, indicating a lack of confidence in the company's recovery efforts [4].
又一知名房企将被清盘！