World Focus

China Evergrande Receives Liquidation Order from Hong Kong Court

China Evergrande Group has been issued a liquidation order by a Hong Kong court.

This significant development comes as a result of the company's inability to present an effective restructuring plan, as noted by High Court Justice Linda Chan, who pointed out a clear lack of progress in this area.

The decision to liquidate follows a petition by Top Shine, an investor in one of Evergrande's subsidiaries. Top Shine accused Evergrande of not fulfilling a commitment to repurchase shares. Consequently, trading activities for Evergrande and its related companies have been suspended in Hong Kong following the court's decision.