On February 28, Country Garden announced on the Hong Kong Stock Exchange that EVER Credit filed a winding-up petition against the company with the Hong Kong High Court on February 27, regarding the unpaid term loan and accrued interest between the petitioner (lender) and the company (borrower) with a principal amount of about HK $1.6 billion. 
The Company will vigorously oppose the Petition. However, in view of the impact of section 182 of the Companies Winding Up Ordinance, the Board of Directors of the Company would like to remind the shareholders and potential investors of the Company that if the Company is eventually wound up on a petition, the transfer of shares of the Company made on or after the Commencement Date will be void without obtaining an Order of Recognition of the High Court. The High Court has fixed the first hearing date of the petition as 17 May 2024. The Company will seek legal advice and take all necessary actions to protect its legal rights. In addition, the Company will seek legal action to firmly oppose the Petition as the Board considers that the Petition does not represent the interests of other stakeholders and may damage the value of the Company. Country Garden told the reporter of **Times E Company that the company's debt amount related to Kingboard Group accounts for a very low proportion of the overall overseas interest-bearing liabilities, and the radical action of a single creditor will not have a significant impact on the company's delivery of buildings, normal operation and the overall restructuring of overseas debts. Referring to other cases of defaulting listed real estate companies in the industry, it is common for individual creditors to apply to the Hong Kong court for the winding-up of their companies. The Company strongly opposes the Petition and will seek legal advice and take all necessary actions to actively and properly defend it with the team of advisors. Country Garden also said that since announcing that it could not repay all its offshore debts as scheduled, the company has engaged financial and legal advisers to assist in assessing the group's capital structure and liquidity position, and formulating an overall solution. At present, an effective communication mechanism has been established with the representative group of major overseas creditor groups, and the overall restructuring of overseas debts is being actively and orderly promoted. It is the firm belief that the winding-up of a company is a lose-lose situation for all parties. The Company will continue to actively negotiate, communicate and collaborate with major offshore creditor teams to seek the best solution. "At present, our company's operations are normal, and we will continue to ensure delivery and operation as the main work objectives, and protect the rights and interests of all stakeholders, including home buyers, creditors, investors and employees, to the greatest extent. ”
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