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.
Shares of China Evergrande Group, the world's most indebted property developer with about $300 billion in liabilities, plunged around 21 percent on Monday's regular trading after a Hong Kong court ruled to liquidate the Chinese property major after it failed to provide a convincing restructuring plan.
A judge in Hong Kong today ordered one of China’s property developers, Evergrande, to liquidate in light of its more-than $300bn debt burden and failure to come up with a restructuring plan.
A Hong Kong court on Monday ordered
the liquidation of China Evergrande Group, a move
likely to send ripples through China s crumbling financial
markets as policymakers scramble to contain the.
China Evergrande ordered to liquidate by Hong Kong court By Reuters investing.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from investing.com Daily Mail and Mail on Sunday newspapers.