Developer Sunac China is receiving a liquidation application, a Hong Kong judicial website reports via Reuters

(Reuters) – A liquidation application has been filed against debt-ridden property developer Sunac China, a Hong Kong judicial website revealed on Thursday night.

The petition was filed by asset manager China Cinda Asset Management, and a hearing is scheduled for March 19, the website said.

Beijing-based Sunac and China Cinda Asset Management did not immediately respond to Reuters requests for comment.

Earlier this week, sources close to the company said it is unlikely that it will be able to meet the September bond maturity deadline as part of its restructuring.

Sunac, before the credit crisis that rocked the property sector in 2021 was ranked among China’s top developers by sales, it was the first to complete the full restructuring of its debt of 9 billion dollars in November 2023.