Evergrande's Liquidation Hearing in Hong Kong Court Delayed to January
The liquidation hearing for China Evergrande Group, the world's most indebted property developer, has been adjourned to January by a Hong Kong court, providing more time for the company to finalize a debt restructuring proposal. Evergrande's lawyers requested the adjournment, stating that no creditors were actively seeking liquidation. The company's shares jumped over 13% following the announcement. Evergrande, with over $300 billion in total liabilities, defaulted on its offshore debt in 2021, becoming a symbol of China's property sector crisis. The company is working on a revised restructuring plan to avoid liquidation, but some creditors have expressed opposition and threatened to seek liquidation if the terms do not change.