China property winding-up sagas show difficulty of recovering assets

HONG KONG -- The string of winding-up cases against Chinese real estate developers continues this week, but several cases underscore the difficulty of recovering investors' assets, while a relentless sales slump makes the future ever more uncertain.

Country Garden, one of the biggest private mainland developers, on Monday had its winding-up case in Hong Kong adjourned until Jan. 20. Shimao Group, another player, faces its next hearing on Wednesday. Yet bond investors in other cases have little to show for winding-up petitions so far.