China’s largest private property developer, Country Garden, faces the threat of insolvency due to unpaid credit payments. A creditor, Ever Credit Limited, has filed a corresponding petition against the company, Country Garden announced in a statement to the Hong Kong Stock Exchange on Wednesday, where the corporation is listed. It concerns the repayment of a loan amounting to 1.6 billion Hong Kong dollars (approximately 188 million euros). The court has scheduled the first hearing for May 17, as indicated in a stock exchange filing by Country Garden on Wednesday.