Court orders liquidation of China property giant Evergrande
A Hong Kong court has ordered the liquidation of the highly indebted China Evergrande Group.
According to media reports, Judge Linda Chan handed down the judgment on Monday in Hong Kong.
She said the creditors from abroad had taken the company to court because of its missing several payments.
The real estate giant had tried to avert liquidation with a reorganisation plan.
Chan said the hearing had lasted a year and a half, and the company was still unable to put forward a concrete proposal for restructuring, the South China Morning Post newspaper reports.
“I think it is the time for the court to say enough is enough,’’ she said, according to the newspaper.
The group, listed on the Hong Kong Stock Exchange, is the world’s most indebted property developer, with more than $300 billion of debt.
The liquidation will likely diminish further confidence in the ailing property market of the world’s second-largest economy and cause turbulence in the stock market.
Chan added that the government recently tried to stabilise again.
On Monday, the shares of Evergrande Group subsidiaries were suspended from trading.
(dpa/NAN)
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