- By Mariko Oi
- Business reporter
29 January 2024, 02:43 GMT
Updated 5 hours ago
Image source, Getty Images
Image caption,
China’s property sector contributes roughly a quarter of the world’s second biggest economy
Debt-laden Chinese property giant Evergrande has been ordered to liquidate by a court in Hong Kong.
Judge Linda Chan said “enough is enough” after the troubled developer repeatedly failed to come up with a plan to restructure its debts.
The firm has been the poster child of China’s real estate crisis with more than $300bn (£236bn) of debt.
Evergrande’s executive director, Shawn Siu, described the decision as “regrettable”, but said the company would continue to operate in mainland China.
The firm’s Hong Kong arm was independent from its mainland business, he added in a statement.
Beijing has previously sought to temper public concern about the property crisis as people have taken to…
