A Hong Kong court on Monday issued the liquidation of battered Chinese property giant Evergrande after lawyers failed to convince a judge it had a working restructuring plan.
A Hong Kong court on Monday ordered the liquidation of battered Chinese property giant Evergrande, dealing another blow to the firm that has become the symbol of a property crisis that has sent shivers through the economy.But "it tells us that the property crisis is still far from being resolved, and remains an ongoing drag on the Chinese economy", Oliver said.
A court ordered the liquidation after the company failed to reach a restructuring deal with creditors. Evergrande's troubles erupted after Chinese regulators clamped down on excessive borrowing in the real estate sector.
It has become a symbol of a years-long property crisis and criticised as having only itself to blame for its demise. Here's how Chinese developer Evergrande collapsed.