China Evergrande property developer ordered to liquidate after it failed to reach debt deal – New Zealand Herald

A Hong Kong court today ordered property developer China Evergrande Group to liquidate after it was unable to reach a restructuring deal with creditors.

Judge Linda Chan 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.

The liquidation order is likely to impact Chinas financial system, even as authorities try to prevent a sell-off in the Chinese stock market. Evergrandes liquidation will likely also lessen confidence in the property sector, which has been slumping as developers struggle to meet their obli…

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