China Evergrande acknowledges HK court order to liquidate

(Reuters) – China Evergrande on Monday acknowledged a Hong Kong court’s decision ordering the liquidation of the world’s most indebted property developer after it failed to offer a concrete restructuring plan more than two years after defaulting on a bond payment.

The liquidation of China Evergrande, which currently has more than $300 billion of total liabilities, will likely send ripples through China’s dwindling financial markets as policymakers struggle to contain a deepening crisis.

(Reporting by Roushni Nair; Editing by XX)