Court orders China Evergrande property developer to liquidate

A Hong Kong court on Monday ordered property developer China Evergrande Group to liquidate (Ng Han Guan/ AP)

A Hong Kong court on Monday ordered property developer China Evergrande Group to liquidate after it was unable to reach a restructuring deal with creditors.

Judge Linda Chan said it was appropriate for the court to order Evergrande to wind up its business given a “lack of progress on the part of the company putting forward a viable restructuring proposal” as well as Evergrande’s insolvency.