(Bloomberg) -- Defaulted builder Sunac China Holdings Ltd. has received a liquidation petition in Hong Kong, according to the city’s judiciary website. 

The so-called winding-up petition was filed by China Cinda HK Asset Management Co., and a hearing is scheduled to take place on March 19, the website shows.  

The case signals renewed financial and legal stress for the Chinese developer, which first defaulted on a dollar bond in 2022. Sunac successfully restructured its offshore debt in 2023, but growing concerns about its capability to service payment obligations under that overhaul have pushed its stock and bond prices to the lowest level in several months. 

A winding-up petition was filed against Sunac several months after the firm’s initial default, but it was withdrawn in mid-2023.

China’s private-sector developers have yet to escape a years-long downturn in the country’s property market as sales of new homes remain weak. Country Garden Holdings Co., which for several years was China’s largest developer by sales, on Thursday said it proposed new terms with key banks to slash debt by as much as $11.6 billion and extend maturities by up to 11.5 years.

The case number is HCCW 16 / 2025.

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