- Evergrande unable to offer concrete restructuring plan – court
- Ruling likely to further jolt already fragile Chinese markets
- Trading in shares of Evergrande and units halted
- Decision sets the stage for complicated process
HONG KONG, Jan 29 (Reuters) – A Hong Kong court on Monday ordered the liquidation of property giant China Evergrande Group (3333.HK), opens new tab, dealing a fresh blow to confidence in the country’s fragile property market as policymakers step up efforts to contain a deepening crisis.
Justice Linda Chan 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 its offshore debt and following several court hearings.
“It is time for the court to say enough is enough,” Chan said in court on Monday.
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China Evergrande ordered to liquidate in landmark moment for crisis-hit sector
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