Glorious Property hit with winding-up petition in light of non-payment

By Caroline Salls

Pittsburgh, July 21 – Glorious Property Holdings Ltd.’s board of directors said a winding-up petition was filed by China Foreign Economy and Trade and Trust Co. Ltd. to the High Court of Hong Kong against Glorious Property on Monday in connection with non-payment of RMB 50 million plus interest and other amounts due under a guarantee on a loan made to a company subsidiary.

The board said the amounts due to China Foreign Economy were settled on Tuesday.

The board said it does not believe the petition will have any significant adverse impact on Glorious Property’s business and operations.

Glorious is a property developer based in Shanghai.

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