Aerial view of an Evergrande residential property in Nanjing, East China’s Jiangsu Province, on August 21, 2026. Photo: VCG
The Guangzhou Intermediate People’s Court on Friday announced to accept the bankruptcy liquidation application filed by Huaxia sub-branch of Guangzhou Rural Commercial Bank Co Ltd against Chinese real estate developer Evergrande Group, a day after former Evergrande chairman Xu Jiayin was sentenced to life imprisonment for financial crimes.
The bank applied to the court for the bankruptcy liquidation of Evergrande on the grounds that the company is unable to pay its due debts and its assets are insufficient to cover all its debts.
After review, the Guangzhou Intermediate People’s Court held that the application…