A court in southern China’s Guangdong province formally accepted a bankruptcy liquidation petition against China Evergrande Group’s main onshore unit, closing the final chapter in the unravelling of what was once the country’s largest property developer.
The Guangzhou Intermediate People’s Court said on Friday that Guangzhou Rural Commercial Bank’s Huaxia branch met the legal criteria under the nation’s Enterprise Bankruptcy Law to force the Evergrande unit, Hengda Real Estate, into liquidation, citing the firm’s inability to pay mature debts and insufficient total assets.
The decision came just a day after the Shenzhen Intermediate People’s Court handed down a life sentence to Hui Kai-ya, the billionaire founder also…