Evergrande: Court orders liquidation of China property giant

Evergrande is the world's most indebted property developer with the equivalent of more than $300 billion of debt.

A Hong Kong court has ordered the liquidation of the highly indebted China Evergrande Group.

Judge Linda Chan handed down the judgment on Monday in Hong Kong, according to media reports. She said the creditors from abroad had taken the company to court because of its missing several payments.

The real estate giant had previously tried to avert liquidation with a reorganisation plan. Chan said the hearing had lasted a year and a half, and the company was still unable to put forward a concrete proposal for restructuring, the South China Morning Post newspaper reports.

"I think it is the time for the court to say enough is enough," she said, according to the newspaper.

The group, which is listed on the Hong Kong stock exchange, is the world's most indebted property developer with the equivalent of more than $300 billion of debt. The liquidation is likely to further diminish confidence in the ailing property market of the world's second-largest economy and cause turbulence on the stock market.

Chan added that the government recently tried to stabilise again. On Monday, the shares of Evergrande Group subsidiaries were suspended from trading.

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