Evergrande Group is to be dissolved. Decision could cause turbulence on the Chinese stock market.
The group is the world's most indebted property developer, with the equivalent of more than 300 billion US dollars. Evergrande boss Siu Shawn told Chinese media that the company would ensure that construction projects continued despite the liquidation order. The company had previously tried to avert liquidation with a restructuring plan, but failed to put forward a concrete restructuring proposal, said the judge. "The company has to blame itself for the dissolution," said creditor lawyer Fergus Saurin.