Court grants Evergrande five more weeks to avert liquidation

High-rise flats developed by Evergrande in China
Flats developed by Evergrande

A Hong Kong court gave China’s cash-strapped property giant Evergrande Group five more weeks to make a deal with creditors or face liquidation.

The High Court agreed to adjourn a hearing to wind up the company today (October 30) to December 4.

Justice Linda Chan said Evergrande must come up with a “concrete” revised restructuring proposal before that date, or the court is “very likely” to issue a winding-up order.

Evergrande Group is estimated to have more than US$300 billion of liabilities

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