China South City Faces Debt Plan Pressure Ahead of Court Hearing

Developer China South City Holdings Ltd. is facing growing pressure as its debt restructuring talks with creditors go down to the wire ahead of a liquidation hearing on Monday.

The state-backed builder has yet to get support for its latest debt plan from a key bondholder group, people familiar with the matter said. It had sent the revised proposals to the group in late June, Bloomberg reported at that time, after Hong Kong’s High Court granted a three-month reprieve from hearings the month before.

The bondholder group had previously argued that it should have a central role in the restructuring ...