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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. ....
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The cash-strapped Dalian Wanda Group sold its luxury hotel in Shanghai to Indonesian pulp and paper billionaire Sukanto Tanoto, at a reported price of between 1.44 billion and 1.66 billion yuan (US$204 million and US$234 million). ....