CHINA’S PROPERTY GIANT ORDERED TO LIQUIDATE

A Hong Kong court on Monday ordered the liquidation of China’s property giant Evergrande, but the firm said it would continue to operate in a case that has become a symbol of the nation’s deepening economic woes.

The order kickstarts a long process that should see Evergrande’s offshore assets liquidated and its management replaced, after the company failed to develop a working restructuring plan.

The company’s executive director vowed the Hong Kong court’s decision would not impact its operations domestically, while analysts said the ruling would further erode foreign investor confidence in China.