China’s Evergrande Group has been issued a liquidation order by a Hong Kong court, marking the start of a likely complex process to dismantle one of the largest casualties of the ongoing nationwide property debt crisis. The company will now be overseen by provisional liquidators and will need to address various issues, including the control held by founder and Chairman Hui Ka Yan, as stated by Judge Linda Chan in the city’s High Court on Monday. Following a 21% stock decline, trading in Evergrande shares was suspended, resulting in a market value of only HK$2.15 billion ($275 million).
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