A court in Guangzhou, China, announced on the 21st that it has accepted a bankruptcy liquidation application for Hengda Real Estate Group, the mainland Chinese property subsidiary of China Evergrande Group. According to the Guangzhou Intermediate People's Court, the liquidation application was filed by Guangzhou Rural Commercial Bank, citing Hengda Real Estate's inability to repay its debts and insufficient assets to cover its total liabilities. On the 20th, a Chinese court sentenced Xu Jiayin, founder of China Evergrande Group, which became the world's most indebted property developer, to life imprisonment and ordered the confiscation of all his personal assets.
Guangzhou Rural Commercial Bank Co LtdBank filed bankruptcy application against Hengda Real Estate, potentially facing losses on loans.
Subsidiary faces bankruptcy liquidation, founder sentenced to life imprisonment.
