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WEKU
WEKU
World
The Associated Press

Hong Kong court orders China's Evergrande, which owes $300 billion, to liquidate

Evergrande China Hong Kong China Evergrande Communist Party Linda Chan Economic Growth
Residents walk through a partially shuttered Evergrande commercial complex in Beijing, Monday, Jan. 29, 2024. (Ng Han Guan/AP)

HONG KONG — A Hong Kong court ordered China Evergrande, the world's most heavily indebted real estate developer, to undergo liquidation following a failed effort to restructure $300 billion owed to banks and bondholders that fueled fears about China's rising debt burden.

Judge Linda Chan said Monday it was appropriate for the court to order Evergrande to wind up its business given a "lack of progress on the part of the company putting forward a viable restructuring proposal" as well as Evergrande's insolvency.

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