China's largest property developers, financial foundations are shaky as creditors file to wind it up.

Hello, you're listening to the Marketplace Morning Report from the BBC World Service.

I'm Leanna Byrne and thanks for tuning in.

Now let's get the latest on China's property sector crisis a new petition to

liquidate has been filed in Hong Kong's high court against China's biggest

private property developer, Country Garden.

The BBC's Katie Silver is in Singapore and covering this story.

Hi, Katie.

Hi, Leanna.

Katie, for anyone who's not familiar with this story,

what is going on with Country Garden?

Well, they're China's biggest property developer buy sales until last year, and to give you an idea, they're huge.

There's about 3,000 projects across China, but in October it missed a $15 billion bond coupon.

They owe about $11 billion in offshore debt.

So a number of these creditors, for example, who are owed money, formed a group to start these

negotiations on how to try and get it back. And today we've seen one of them basically launching

this petition in Hong Kong's High Court asking for them to issue a liquidation

notice for country garden. As for country garden it's said in its regulatory filing

that it's going to resolutely oppose the petition. And what do we think the outcome for those negotiations might be?

So we saw a similar case, a much smaller property giant, that is of course China Evergrand, facing these twoings and froings in the Hong Kong court towards the end of last year

and just last month the court issued an order saying it was indeed going to have to

liquidate. Now Evergrand is the world's most indebted property developer. It owes in the order of

...