China South City Holdings, the largest Chinese property developer by assets to face court-ordered liquidation since China Evergrande Group, has been ordered to wind up by Hong Kong’s High Court. The ruling from Judge Linda Chan came after the Shenzhen-based company failed to secure sufficient creditor backing for its restructuring plan. The winding-up petition was filed by Citicorp International, acting as trustee for the firm’s dollar bonds. China South City was burdened with HK$60.9 billion ($7.76 billion) in liabilities as of December 31, 2024, amid protracted creditor talks.