Evergrande Ordered to Liquidate Amid $328bn Debt Crisis

The liquidation of the Chinese property giant could spark a multibillion-dollar battle between Western creditors and Chinese authorities.

Chinese property giant Evergrande has been ordered to liquidate by a Hong Kong court, marking a significant escalation in the company's ongoing debt crisis.
The liquidation order comes after Evergrande failed to convince the court that it had a viable restructuring plan, three years after it first defaulted on its debt.
Evergrande, once the world's most indebted property company, has $328bn of debt and its liquidation could spark a multibillion-dollar battle between Western creditors and Chinese authorities.
Evergrande's assets are primarily held in mainland China, meaning Western investors who lent it billions of dollars must now proceed through the Chinese courts.
The fate of Evergrande's founder and chairman, Hui Ka Yan, remains uncertain as he has been under investigation for unspecified crimes since September.