Hong Kong CNN —
Evergrande Group, the world’s most indebted property developer, has been ordered to liquidate by a Hong Kong court, in a massive setback for China’s ailing real estate sector that could ripple through the world’s second largest economy.
The wind-up order, made by the city’s High Court on Monday, comes after the embattled Chinese real estate giant and its overseas creditors failed to reach an agreement on how to restructure the company’s massive debt.
The court said it will hold another hearing in the afternoon, which may lead to the appointment of a liquidator
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