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Hangzhou Glory files for bankruptcy
Source: Bloomberg News |
April 11, 2012, Wednesday
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HANGZHOU Glory Real Estate Co has filed for bankruptcy as the government kept curbs on the property market.
The Yuhang District court accepted the firm's bankruptcy case on March 30, making it the first developer to file for insolvency with the court, Lei Zijun, deputy director of the court's general office, said yesterday, declining to elaborate. Yuhang is the biggest of the eight districts in Hangzhou, which accounts for about one-fifth of the provincial economy, according to the city's website.
Premier Wen Jiabao has said the government will "resolutely" keep its curbs on the property market, after home prices fell for the seventh month in March from February, according to Soufun Holdings Ltd.
Hangzhou Glory's failure is an "inevitable result" of controller Zhejiang Zhongjiang Holding Co's filing for bankruptcy in January, said Shi Qi, an analyst at CEBM Group Ltd.
The Yuhang District court accepted the firm's bankruptcy case on March 30, making it the first developer to file for insolvency with the court, Lei Zijun, deputy director of the court's general office, said yesterday, declining to elaborate. Yuhang is the biggest of the eight districts in Hangzhou, which accounts for about one-fifth of the provincial economy, according to the city's website.
Premier Wen Jiabao has said the government will "resolutely" keep its curbs on the property market, after home prices fell for the seventh month in March from February, according to Soufun Holdings Ltd.
Hangzhou Glory's failure is an "inevitable result" of controller Zhejiang Zhongjiang Holding Co's filing for bankruptcy in January, said Shi Qi, an analyst at CEBM Group Ltd.
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