Court Orders Liquidation Of China’s Evergrande

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A Hong Kong court on Monday ordered the liquidation of China’s property giant Evergrande, a move likely to further affect China’s crumbling financial markets.
According to the high court judge, Justice Linda Chan the court decided to liquidate the world’s most indebted developer, with more than $300 billion of total liabilities, after noting Evergrande had been unable to offer a concrete restructuring plan more than two years after defaulting on a bond repayment and after several court hearings.
Meanwhile, after the ruling , the company’s executive director of Evergrande, Shawn Siu who expressed regret over the decision by the court, promised that the Hong Kong court’s decision would not impact its operations domestically, though Analysts concluded the ruling would further erode foreign investor confidence in China.

Written by: bossgmsi

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