Chinese developer Evergrande risking liquidation if creditors veto its plan for handling huge debts

Published December 2, 2023 10:06 PM

By ZEN SOO
AP Business Writer

HONG KONG (AP) — A Hong Kong court will convene a hearing Monday on troubled Chinese property developer Evergrande’s plans for restructuring its more than $300 billion in debts. China Evergrande could be ordered to liquidate if the plan is rejected by its creditors. The company, the world’s most indebted property developer, ran into trouble when Chinese regulators cracked down on excessive borrowing in the real estate sector. The Hong Kong High Court has postponed the hearing over Evergrande’s potential liquidation several times. Judge Linda Chan said in October that Monday’s hearing would be the last before a decision is handed down. Evergrande’s chairman, Hui Ka Yan, is under investigation in China.

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