Ever Credit, a wholly-owned subsidiary of KINGBOARD HLDG (00148.HK)  +1.800 (+8.314%)    Short selling $6.73M; Ratio 7.214%   , had earlier filed a winding-up petition against COUNTRY GARDEN (02007.HK)  0.000 (0.000%)    Short selling $91.65K; Ratio 0.201%   in the High Court of Hong Kong for the unpaid term loan and accrued interest in the principal amount of about $1.6 billion.

Cheung Kwok Wing, chairman of KINGBOARD, responded that as a listed company, the group has to fulfil its responsibility to be accountable to the shareholders of the company, and considered the petition for liquidation of CG as a normal business practice.

He added that so far the group hoped to resolve the issue with CG, but said the troubled homebuilder had not taken the initiative to contact the group directly since the liquidation announcement was made.

KINGBOARD made a provision for credit losses of nearly $900 million in respect of the loan to CG. Cheung Ka Shing, executive director of the group, pointed out that CG is reportedly making every effort to ensure delivery, and that the group remains confident in its prospects and is open to CG's future debt repayment programme.

He disclosed that the group's current provision of about 55% of the relevant loans to the distressed homebuilder is considered sufficient and there is no plan to make further provision for the time being.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-02-21 16:25.)