HK court orders China Evergrande to liquidate with debts of $300 bln

On Monday, a Hong Kong court issued an order for the liquidation of the prominent property giant China Evergrande Group, a move that is likely to create ripples in China’s faltering financial markets as policymakers work to contain an escalating crisis.

Justice Linda Chan’s decision to liquidate the world’s most indebted developer, burdened with over $300 billion in total liabilities, comes after Evergrande failed to present a concrete restructuring plan more than two years after defaulting on a bond repayment, despite several court hearings.

Evergrande’s CEO, Siu Shawn, assured Chinese media that the company would ensure the completion of home building projects despite the liquidation order.

He emphasized that the order would not impact the operations of Evergrande’s onshore and offshore units, Reuters reported.

READ MORE: https://www.reuters.com/business/embattled-china-evergrande-back-court-liquidation-hearing-2024-01-28/

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