A Hong Kong court on Monday ordered the liquidation of property giant China Evergrande Group, dealing a fresh blow to confidence in the country's fragile property market as policymakers step up efforts to contain a deepening crisis. Justice Linda Chan decided to liquidate the world's most indebted developer, with more than $300 billion of total liabilities, after noting Evergrande had been unable to offer a concrete restructuring plan more than two years after defaulting on its offshore debt and following several court hearings, Reuters reported.
HONG KONG, Jan 29, 2024; Reuters reported that a Hong Kong court on Monday ordered the liquidation of property giant China Evergrande Group fresh blow to confidence in the country's fragile property market as policymakers step up efforts to contain a deepening crisis. Justice Linda Chan decided to liquidate the world's most indebted developer, with more than $300 billion of total liabilities, after noting Evergrande had been unable to offer a concrete restructuring plan more than two years after defaulting on its offshore debt and following several court hearings.
Geopolitical risks and a slowing global economy prompt Greater Bay Area Homeland Investments and Hong Kong tycoon Adrian Cheng's C Capital to look for companies that are not reliant on overseas markets.
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China Digest: CassTime nets $30m led by Source Code; Denovo raises $46m
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B2B automotive aftermarket platform CassTime has garnered $35 million in a Series C3 round funding led by Source Code Capital, while Denovo Biopharma has pocketed nearly 300 million yuan ($46 million) in a Series D round co-led by CICC Qide and Yingke PE.
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