China Evergrande unit issued liquidation order by Hong Kong court

CEG Holdings told to wind up, as creditors try to claw back debt from parent

China Evergrande is the world's most indebted property developer with more than $300 billion of liabilities. © Reuters

January 13, 2025 21:42 JST

(Reuters) -- China Evergrande said on Monday that a court in Hong Kong had ordered one of its key offshore units to be wound up, the latest in a slew of legal victories for the embattled developer's liquidators.

The liquidators had filed a winding-up petition against company subsidiary CEG Holdings BVI in September, in a bid to recover funds from the debt-laden property company that defaulted in 2021 and triggered China's real estate market crisis.