July 17, 2024

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Evergrande Faces Final Chance to Avoid Liquidation by HK Court

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Two years after its default marked a key moment in China’s property crisis, the world’s most indebted developer may be heading for another bleak milestone: liquidation.

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(Bloomberg) — Two years after its default marked a key moment in China’s property crisis, the world’s most indebted developer may be heading for another bleak milestone: liquidation. 

China Evergrande Group faces a Hong Kong court hearing on Monday over a creditor request to wind up the company, a lawsuit that’s lingered for about 18 months. The developer must convince the judge that it has a concrete debt restructuring plan. Failure to do so will likely mean liquidation, leading to more chaos in its operations and further denting sentiment in the housing market. 

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Bloomberg News

2023-12-02 19:20:41

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