Chinese Court Accepts Evergrande Unit Liquidation Petition
A Chinese court in Guangzhou has accepted a liquidation petition for a unit of Evergrande, one day after the company's founder received a life sentence. This development marks a significant step in the ongoing financial troubles of the real estate giant.
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Chinese court accepts Evergrande liquidation petition 1 day after founder’s life sentence
A court in southern China’s Guangdong province formally accepted a bankruptcy liquidation petition against China Evergrande Group’s main onshore unit, closing the final chapter in the unravelling of what was once the country’s largest property developer. The Guangzhou Intermediate People’s Court said on Friday that Guangzhou Rural Commercial Bank’s Huaxia branch met the legal criteria under the nation’s Enterprise Bankruptcy Law to force the Evergrande unit, Hengda Real Estate, into liquidati...
By Daisy Wu
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By Reuters
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