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Shares of China Evergrande Group, the world's most indebted property developer with about $300 billion in liabilities, plunged around 21 percent on Monday's regular trading after a Hong Kong court ruled to liquidate the Chinese property major after it failed to provide a convincing restructuring plan.
Shares of China Evergrande Group, the world's most indebted property developer with about $300 billion in liabilities, plunged around 21 percent on Monday's regular trading after a Hong Kong court ruled to liquidate the Chinese property major after it failed to provide a convincing restructuring plan.
Evergrande autos unit manager detained in China.
World's most indebted property developer, Evergrande informed to Hong Kong exchange in a filing that the executive director and vice-chairman Liu Yongzhuo of its EV subsidiary has been detained "on suspicion of illegal activities.
The struggles of Evergrande, the world's most indebted company, are of significance to the global economy given its role in the property market of the world's second-largest economy and how much it's borrowed and the number of lenders its borrowed from.