HONG KONG -- A Hong Kong court order to wind up developer China Evergrande Group sets in motion a complex, multiyear process that will test China's faltering property market as well as cross-border insolvency arrangements between Hong Kong and Beijing.
The decision was made after seven hearings were held on a winding-up petition filed in June 2022 by creditor Top Shine Global. With no viable restructuring agreement in place, Justice Linda Chan said she did not see any grounds for further delays.
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