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A Hong Kong court on Monday ordered Evergrande to be wound up after more than two years since defaulting on its debts, marking another grim milestone for Hui Ka Yan, once Asia’s richest person.
Chinese developer Country Garden Holdings Co. has been declared in default on a dollar bond for the first time, signaling its descent into distress amid China's property debt crisis. The failure to pay interest on the bond within the grace period constitutes an event of default, according to trustee Citicorp International Ltd.
The company has not yet confirmed the acquisition or potential interest in acquiring The Plaza.
E-House (China) Enterprise Holdings Ltd. is unlikely to secure enough funds to pay debt maturing next week.
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Credit Suisse to report loss after setting aside $850-million for U.S. legal dispute Brenna Hughes Neghaiwi and John Revill ZURICH Bookmark Please log in to listen to this story. Also available in French and Mandarin. Log In Create Free Account Getting audio file ... This translation has been automatically generated and has not been verified for accuracy. Full Disclaimer ARND WIEGMANN/Reuters Credit Suisse said it will sink to a fourth-quarter loss after setting aside hundreds of millions of dollars more than previously expected on Friday for a legal dispute over property debt in th...