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Troubled Chinese Property Developer Evergrande Faces Liquidation

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Troubled Chinese property developer Evergrande is on the verge of liquidation after failing to reach a restructuring deal with its creditors, according to the Wall Street Journal. Talks between Evergrande and its creditors began last week in hopes of finding a solution that would allow the company to continue operating. However, sources familiar with the matter have revealed that creditors are now supporting a petition to liquidate the company at a hearing scheduled for Monday in Hong Kong.

The potential liquidation of Evergrande could have far-reaching effects on China’s struggling real estate industry. Over the past few years, developers in China have faced significant challenges as they fell behind on debt payments due to stricter lending regulations by the Chinese government and declining property values.

Originally scheduled for December, Monday’s court hearing for Evergrande was delayed to further refine its debt-restructuring plan. This latest setback adds to the company’s already tumultuous journey, as its Hong Kong-traded stock has plummeted approximately 90% in the past 12 months.

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