A Hong Kong court today ordered property developer China Evergrande Group to liquidate after it was unable to reach a restructuring deal with creditors....
A Hong Kong court on Monday ordered the liquidation of property giant China Evergrande Group, a move likely to send ripples through China's crumbling financial markets as policymakers scramble to contain a deepening crisis.
The Hong Kong stock market's rise following efforts by the Chinese government to stimulate its bourse has brought relief to some Korean investors, decreasing their losses from equity-linked securities (ELS) tied to the performance of the Hang Seng China Enterprises Index (HSCEI) by approximately 300 billion won ($224 million).
The move could send shockwaves through already fragile Chinese capital and property markets. Such a process could be complicated, with potential political considerations, given the many authorities involved.
"Trading in the shares of... Evergrande Property Services Group Limited has been halted at 10:19 a.m today," the city's stock exchange said. It also halted trading in its electric vehicle subsidiary at the same time.
Asian markets opened the week on a positive note, with Chinese regulators announcing measures to support the country’s teetering stock markets while heavily indebted property developer China Evergrande was ordered to undergo liquidation. China's securities regulator announced on Sunday that beginning Monday, China will suspend the lending of specific shares for short selling, a move to support the country’s declining stock markets. The Hang Seng in Hong Kong added 0.9% % to 16,102.02 and the Shanghai Composite index was up 0.3% at 2,918.81.
A Hong Kong court on Monday ordered China Evergrande, the world's most heavily indebted real estate developer, to undergo liquidation, a move likely...