Chinese developers face a flurry of winding-up lawsuits

A sign for the Sunac Land amusement park at the Sunac Resort project under construction, developed by Sunac China Holdings Ltd., in Haiyan, Zhejiang Province, China, on Friday, Feb. 25, 2022.

HONG KONG: Smaller creditors of embattled Chinese property firms are increasingly turning to court to obtain payments, highlighting the turmoil in the property sector as developers rush to craft debt-resolution plans.

The most recent cases were filed against Sunac China Holdings Ltd and Jiayuan International Group Ltd. They’re among at least six builders the past several months to receive winding-up petitions filed in Hong Kong or the Cayman Islands.