A Hong Kong court on Monday issued the liquidation of battered Chinese property giant Evergrande after lawyers failed to convince a judge it had a working restructuring plan.
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Once China‘s biggest developer, Evergrande has reported more than $300 billion in liabilities and its troubles have become a symbol of a years-long property crisis that has dealt a massive blow to the country’s economy.
A creditor in 2022 filed a winding-up petition in Hong Kong against China Evergrande Group which would begin the process of liquidation but the case has dragged on while parties tried to broker a deal.
High Court judge Linda Chan on Monday called for the liquidation of the firm gi…
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