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Investing.com – Beleaguered Chinese property shares Evergrande hit an all-time low of 18.8 Hong Kong cents (2.4 US cents) after a Hong Kong judge delayed a court hearing to process a liquidation petition.
The company’s shares (HK:) fell more than 20% from last Friday’s close of 23.6 Hong Kong cents to an all-time low early Monday, before recovering slightly to 22.2 cents.
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Reuters reported that Judge Linda Chan of the Hong Kong Supreme Court postponed the hearing from October 30 to December 4, which will be the last before a decision is made on the liquidation order.
It said Evergrande must submit a revised restructuring proposal before that date, otherwise the company would likely be shut down.
In June 2022, Top Shine, an investor in Evergrande’s Fangchebao unit, applied for the liquidation of the real estate company according to documents filed in the High Court of Hong Kong. But as a result of the restructuring of Evergrande, the case was frozen.
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This latest development represents a new blow to the company, which was earlier the largest private sector real estate developer in China by sales volume.
Earlier, Evergrande postponed a debt restructuring meeting and announced that the group’s sales have fallen to levels below expectations since it announced the debt restructuring plan in March.
Accordingly, the Chinese company considered it necessary to re-evaluate the terms of the proposed structuring “to suit the current situation of the company and the aspirations of the creditors.”
2023-10-30 13:24:00
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