(Bloomberg) -- A Hong Kong bank has filed a request for a court to wind up Chinese developer Times China Holdings Ltd., marking another case where a lender has actively pursued liquidation of a distressed builder. 

The so-called winding-up petition was filed by Hang Seng Bank Ltd. at Hong Kong’s high court in connection with financial obligations of about $173.2 million and HK$731.4 million ($93.4 million), respectively, Times China said in a statement filed to the Hong Kong stock exchange. 

A state-owned bank filed a liquidation petition in a separate case earlier this month. Such actions have usually been taken by bondholders or smaller private lenders previously. 

Once the country’s 51st-largest builder by contracted sales, Guangdong-based Times China defaulted more than a year ago on two dollar bonds and halted offshore debt payments, a striking development at the time as China had already rolled out a flurry of government steps to ease the property sector’s liquidity crunch. 

This is at least the second winding-up case against a major Chinese developer this month, according to data compiled by Bloomberg. Defaulted Shimao Group Holdings Ltd. faced a demand to liquidate from China Construction Bank (Asia) Corp. as creditors grow impatient with the pace of debt talks.  

The court has set the first hearing date for July 3. The firm intends to continue to communicate and work with its offshore creditors on the restructuring plan, with the objective of announcing terms to the market as soon as practicable, Times China added. 

The case number is HCCW 218 / 2024, according to Hong Kong’s judiciary website. 

(Updates with bond chart and details)

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