China Evergrande Winding-Up Hearing Adjourned by Hong Kong Court

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The Hong Kong court has issued at least three winding-up orders for Chinese developers since the nation’s property debt crisis began. Photo: Bloomberg

(Bloomberg) — China Evergrande Group, the world’s most indebted developer, got more breathing room as a Hong Kong court adjourned a winding-up hearing.

The decision was made by a judge in Hong Kong’s High Court on Monday to adjourn the hearing to Dec. 4.

Liquidation risks rose recently after a shock from Evergrande late in September, when it scrapped creditor meetings at the last minute and said it must reassess its proposed restructuring plan. Any eventual winding-up would make Evergrande, with about 2.39 trillion yuan ($327 billion) of liabilities, the biggest Chinese developer to ever face such a fate.