Evergrande ordered to be liquidated by a Hong Kong court, China’s state media says
CNN
Evergrande Group, the world’s most indebted property developer, was ordered to be liquidated by a Hong Kong court on Monday, according to Chinese media.
Evergrande Group, the world’s most indebted property developer, was ordered to be liquidated by a Hong Kong court on Monday, according to Chinese media. The wind-up order comes after the embattled Chinese real estate giant and its overseas creditors failed to reach an agreement on how to restructure the company’s massive debt. The Shenzhen-based developer has become a poster child of China’s property crisis, with total liabilities of over $328 billion at the end of June last year. Last September, its founder and chairman Xu Jiayin was suspected of “crimes” and detained by the police. This is a developing story and will be updated.
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