In China’s ongoing property crisis, large and highly indebted property developer Country Garden is to defend itself in court against an application for liquidation. Country Garden confirmed in a stock exchange announcement on Wednesday morning that its creditor Ever Credit Limited has filed a winding up petition before a court in Hong Kong. The case concerns an unpaid loan totalling $1.6 billion Hong Kong ($204 million US) plus interest. According to Country Garden, the court set the first hearing for May 17. Country Garden follows on the heels of China Evergrande, the world’s most indebted pr…