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Cash-strapped property developer Sunac China (1918.HK) said on Thursday it will oppose the winding-up petition it received at the Hong Kong High Court over the non-payment of certain senior notes worth $22 million and interest.

Sunac China is among a number of Chinese developers in Hong King, including China Evergrande Group (3333.HK), who have received similar petitions, with the region reeling under a wave of defaults in the debt-laden property market.

The petition was made by Chen Huaijun, the holder of the notes, and a hearing will be held on Nov. 16, the judiciary’s website showed a day earlier.

The petition “did not represent the interests of other stakeholders and may impair the value of the company,” and it seeks to “resolutely oppose” it, Sunac China said in a statement filed to the Hong Kong bourse.

Sunac China further assured investors it has made “considerable progress” on discussions with creditors regarding its offshore debt restructuring after missing some bond payments earlier this year.