The empire of property developer Nam Fong International Holdings came a step closer to collapse yesterday after creditors sought a winding-up order against the company.
In a High Court notice, creditors Wing Siu Company asked for winding-up proceedings against Nam Fong.
Yesterday's move follows several years of rising debt by the locally listed mainland property investor.
A results announcement showed Nam Fong had incurred a $1.11 billion loss in the year to December 31, 1999.
The company attributed this to a $753.64 million provision for doubtful debts. It also blamed a $273.63 million write-off for property interests related to an early termination of a leasing agreement by the landlord of Nam Fong International Plaza in Guangzhou.
Nam Fong, which listed on the main board in 1996, is engaged in property development, investment and rental on the mainland, where it controls four property development projects valued at $692 million.