Former Partner of Detained Billionaire Sues Evergrande Founder’s Son for Money Amidst Investigation

Beijing, China – A lawsuit has been filed by the former partner of a detained billionaire against Xu Jiayin, the chairman of embattled Chinese property developer Evergrande Group, seeking the repayment of a 200 million yuan ($31 million) loan. The lawsuit claims that Xu owes the money, which includes principal and interest, according to court filings. The case is pending a hearing. The legal action comes amidst ongoing investigations into Xu and his father’s finances, which could lead to the confiscation of their assets by mainland Chinese courts. This situation has prompted speculation that the … Read more

Landmark Decision: Hong Kong Judge Orders Liquidation of China’s Evergrande

HONG KONG – A judge in Hong Kong has ordered China’s Evergrande Group to liquidate its assets, as the embattled company faces mounting debt and an uncertain future. The ruling comes in response to a winding-up petition filed by a creditor of Evergrande. Evergrande, one of China’s largest property developers, has been grappling with a financial crisis that has sent shockwaves through the country’s real estate sector. The company has accumulated debts of over $300 billion, leading to concerns about its ability to repay creditors and complete ongoing construction projects. The liquidation order issued by … Read more

Chinese Real Estate Giant Evergrande Ordered to Wind Up by Hong Kong Court

HONG KONG (AP) — Chinese real estate company Evergrande has been issued a winding-up order by a Hong Kong court on Monday due to its failure to present a viable restructuring plan. Judge Linda Chan made the decision after noting the lack of progress made by the company in proposing a workable solution. Evergrande, a troubled giant in the Chinese real estate sector, faced the winding-up order after it was unable to persuade the court that it had a feasible restructuring plan in place. This development highlights the ongoing challenges faced by the company amid … Read more