A court in Hong Kong ordered the liquidation of China Evergrande Group, China’s and the world’s most indebted real estate developer on Monday morning. Evergrande is considered to have approximately $300 billion USD in total liabilities.
The judge presiding over the case, Justice Linda Chan, ordered the liquidation after highlighting that the company was unable to provide an effective restructuring plan despite months of delays and numerous court hearings.
Chan will provide more details and reasoning in her ruling later in the day. The decision will be first step of a long, complex process given the several economic and political issues that will arise from the liquidation.
