CX Briefing: Evergrande Subsidiary Set for Liquidation

A rundown of the news making headlines in and around China:

Evergrande fallout: With the delisting of prominent property developer China Evergrande Group, one of its Guangdong province real estate subsidiaries has recently entered bankruptcy liquidation. On Aug. 20, a court in the provincial capital Guangzhou accepted an application to begin bankruptcy proceedings for Evergrande Real Estate Group Guangdong Real Estate Development Co. Ltd. The subsidiary is one of several Evergrande-affiliated companies across China to begin these proceedings as Evergrande’s multiyear effort to deliver presold homes nears completion. Over the past four years, Evergrande has delivered more than 1.2 million homes, depleting its funds.