An Ever Credit Ltd. company filed a case alleging nonpayment of a HK$1.6 billion ($204.5 million; £161.2 million) loan.
Country Garden said it would “resolutely oppose” the petition. Country Garden defaulted on its overseas debt in October.
A Hong Kong court ordered rival real estate behemoth China Evergrande to dissolve last month.
Country Garden stated in a statement to the Hong Kong Stock Exchange that the court has scheduled May 17 for the petition’s initial hearing.
Ever Credit is a division of Kingboard Holdings, a real estate investor and manufacturer of laminates.
Following the announcement, Country Garden’s stock dropped more than 10% in early Hong Kong trading.
A news request for comment was not immediately answered by Country Garden.
According to Jason Sze of the personal finance company iFAST Financial, “the filing of the winding-up petition against Country Garden is not surprising for us,” the news reported.
