Evergrande shares halted after Hong Kong court orders liquidation
Publishing timestamp: 2024-01-29 12:15:04
Summary
China Evergrande's shares plunged more than 20% after a Hong Kong court ruled to liquidate the embattled property developer. The company, once one of China's largest property developers, has been facing a debt crisis. Its overseas creditors failed to reach a deal to restructure, potentially leading to imminent liquidation. The Chinese government has taken measures to address the debt crisis in the property sector, but challenges remain. There are concerns that Evergrande's troubles could have a contagion effect on China's economy.
Sentiment: NEGATIVE
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