BRIEF: Hong Kong High Court appoints PwC to liquidate Dafa Properties

Dafa Properties Group Ltd. (6111.HK) said on Friday that, in response to an application by the company’s provisional liquidator, the Hong Kong High Court appointed Jong Yat Kit and So Man Chun, both from PricewaterhouseCoopers, to liquidate the company.

Dafa’s shares were suspended from trading on the Hong Kong Stock Exchange in April last year after multiple creditors applied to have the company liquidated. The company previously said its offshore debts totaled $638 million, according to an announcement in April this year.

Dafa’s contract sales this year through August totaled about 574 million yuan ($80.6 million), down 74% year-on-year from 2.19 billion yuan in the same period last year.

By Lau Chi Hang

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