Hong Kong’s High Court has ruled that China South City Holdings must be liquidated, marking the largest Chinese property developer by assets to face winding-up since Evergrande’s collapse. “Developer China South City Holdings was ordered to liquidate by Hong Kong’s High Court, making it the biggest Chinese builder by assets to be wound up since China Evergrande Group.” https://www.straitstimes.com/business/property/developer-china-south-city-ordered-to-liquidate-by-hong-kong-court
This decision follows months of failed restructuring talks. Citicorp International, trustee for China South City’s dollar bonds, filed the winding-up petition. “The winding-up petition against China South City was filed by Citicorp International, trustee of the developer’s dollar bonds.” https://www.businesstimes.com.sg/property/builder-china-south-city-ordered-liquidate-hong-kong-court
China’s property crisis feels like a slow-motion repeat of 2008. UBS has shifted its stance, now warning that recovery is unlikely without direct government stimulus. “UBS Group, which had been among the few firms predicting a recovery, is now expecting a delay unless Beijing introduces additional stimulus measures.” https://www.dimsumdaily.hk/hong-kong-high-court-orders-liquidation-of-china-south-city-holdings/
The bond market is reacting sharply. Chinese 30-year treasury futures fell 0.5%, marking the steepest single-day drop since July 2024. “Chinese 30-year treasury futures for September 2025 delivery were down nearly 2%, set for the biggest weekly loss since September 2024, while 10-year futures dropped 0.5%.” https://economictimes.indiatimes.com/markets/bonds/china-30-year-bond-futures-set-for-biggest-weekly-drop-in-10-months/articleshow/122895056.cms
