Business

China’s property developer, Evergrande Group to be liquidated

In a landmark judgement that mirrors the troubles facing the Chinese real estate sector, a Hong Kong court has issued a liquidation order against China Evergrande Group on January 29.


This is coming six months after the company filed for bankruptcy in the United States. 


China Evergrande Group which used to be one of the largest real estate developers in China reached a total liability of 2.44 trillion Chinese RMB, amounting to about $339.5 billion in 2022.