Aug 20, 2024 01:44 AM
FINANCE
China Court Accepts Liquidation Hearing Against Evergrande Unit
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Under liquidation, Kailong’s stake in Hengda would probably be auctioned, leading to a change of holders and affecting the property business
(Bloomberg) — A Chinese mainland court accepted a liquidation application filed against a China Evergrande Group unit earlier this month, triggering a formal legal process that could force the defaulted developer to either restructure or face liquidation in its main base of operations.
The Intermediate People’s Court of Guangzhou City, where Evergrande is based, accepted the application filed against Guangzhou Kailong Real Estate Co. Ltd. as of Aug. 9, according to a Hong Kong stock exchange filing late Monday.
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