The Guangzhou Intermediate People's Court has accepted a bankruptcy and liquidation case against Hengda Real Estate Group, the mainland China property arm of China Evergrande Group, after the company failed to repay its debts and had insufficient assets to cover all its liabilities. The petition was filed by Guangzhou Rural Commercial Bank, a creditor of the company. The move came just one day after the founder of China Evergrande was sentenced to life in prison by a court, and marks another significant development in the Evergrande crisis that began in 2021.
Bankruptcy and liquidation case accepted against its property arm.
