CHINASOUTHCITY (01668.HK): Liquidators Still Negotiating Indicative Terms, No Binding Restructuring Agreement

NewTimeSpace News: On 10 November 2026, China South City Holdings Limited (in liquidation) (stock code: 01668) published a quarterly update under Rule 13.24A of the Listing Rules, stating that as at the date of the announcement the liquidators continued to negotiate the proposed indicative terms with stakeholders and that the Company had not reached or entered into any binding commitment or formal agreement on the overall debt restructuring, whose proposed terms remain under assessment.

The announcement disclosed that the Group develops and operates large-scale integrated logistics and trade centres, develops residential and commercial ancillary facilities and provides logistics and warehousing, outlet operation and e-commerce services, with three reportable segments: property development, property investment and "others". To the liquidators' knowledge, the Group's principal businesses are unchanged since the winding-up and continue to operate, mainly in the PRC, and the liquidators consider the stability of onshore operations key to advancing the restructuring and protecting creditors' interests, and will continue working with management and stakeholders to support operations and preserve asset value.

The Company stated that, as the liquidators are still ascertaining the Group's affairs and financial information, it is not appropriate at this stage to publish the interim results and report for the six months ended 30 June 2025, the annual results and report for the year ended 31 December 2025, or the interim results and 2026 interim report for the six months ended 30 June 2026, since such disclosure may not accurately reflect the Company's performance and position and may confuse or mislead shareholders and potential investors.

The Company stated that the liquidators reiterated the material risk that, if the restructuring is not implemented on the proposed indicative terms or at all, they may need to pursue alternative recovery measures, which could create uncertainty over the timing and extent of recoveries for offshore creditors; creditors and stakeholders wishing to negotiate directly may contact the liquidators by the designated email. Trading in the shares has been suspended since 10:55 a.m. on 11 August 2025 and will remain suspended until further notice. The notice was issued by joint and several liquidators Zhou Weicheng and Pan Luyang as agents.