HK-listed China Evergrande ordered to liquidate

Real estate developer China Evergrande Group was issued a winding-up order on Monday after failing to convince the High Court in Hong Kong that it had a working restructuring plan and that its assets were sufficient to cover its debts.

"I consider that it is appropriate for the court to make a winding-up order against the company as there is an obvious lack of progress on the part of the company in putting forward a viable restructuring proposal," said Judge Linda Chan's ruling in the liquidation petition hearing.

The Hong Kong court decision comes after it was reported that Evergrande's overseas creditors failed to reach an eleventh-hour deal this weekend to restructure.