Evergrande, symbol of China’s property crisis, heads to liquidation

Hong Kong CNN — A court in Hong Kong has ordered the winding up of Evergrande Group, the world’s most indebted property developer, dealing another blow to investor confidence as China’s ailing real estate sector continues to weigh on its economy.

The liquidation order, made by the city’s High Court on Monday, comes after the embattled Chinese real estate giant and its overseas creditors failed to agree on how to restructure the company’s massive debt during talks that lasted for 19 months.

“It seems to me that the interests of the creditors will be better protected if the company is wound up by the court, so that independent liquidators can take control over the company,” Judge Linda Chan said in the ruling published Monday.

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