New | Chinese developer Glorious announces winding-up petition by creditor

Chinese developer Glorious Property Holdings announced late on Tuesday that China Foreign Economy and Trade and Trust Co filed a winding-up petition against it for alleged non-payment of a 50 million yuan (HK$62.5 million) loan plus accrued interest and other amounts.

The Hong Kong-listed company said in a stock exchange filing that it became aware of the petition at the High Court of Hong Kong on Tuesday and settled the sums on the same day.

“In these circumstances, the board is of the view that the petition would not have any material adverse impact on the group’s business and operations,” it added.

The fate of Glorious Property has been under doubt after repeated attempts by controlling shareholder to take it private failed.

Its share price lost 5.6 per cent as of 9:14 on Wednesday morning to HK$1.01.

The developer’s contracted sales fell 1.2 per cent in the first half from a year earlier to 123,088 square metres, but stronger prices pushed sales revenues up by 11.5 per cent during the same period to 2 billion yuan.