HONG KONG A Hong Kong court ordered China Evergrande, the world’s most heavily indebted real estate developer, to undergo liquidation following a failed effort to restructure $300 billion owed to banks and bondholders that fueled fears about China’s rising debt burden. China Evergrande Group is one of the biggest of a…
The company says the Hong Kong ruling does not relate to its operations on the mainland but the ramifications could be tough for the authorities to ignore.
With more than $300bn (£236bn) in debt, the company has become the face of China s real estate problem. When Evergrande stopped paying its debts two years ago, it shook the world s financial markets. Judge Linda Chan said
Chinese property giant Evergrande Group was placed into liquidation Monday by a court in Hong Kong after the company repeatedly failed to come up with a viable plan to restructure liabilities of at least $325 billion.
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