HONG KONG A Hong Kong court ordered China Evergrande, the worlds 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 Chinas rising debt burden.
It would be a situation where the court says enough is enough, Judge Linda Chan said Monday. She said it was appropriate for the court to order Evergrande to wind up its business given a lack of progress on the part of the company putting forward a viable restructuring proposal as well as Evergrandes insolvency.
China Evergrande Group is among dozens of Chinese developers that have collapsed since 2020 under official pressure to rein in surging debt the ruling Communis…
Read the full article at: https://www.washingtonpost.com/business/2024/01/28/china-evergrande-property-liquidation-order/8fc9f97c-be4f-11ee-a4c6-8f5c350e9316_story.html