Chinese authorities have taken fresh steps to deal with the fallout from the collapse of property giant Evergrande, years after the company defaulted with about USD 300 billion in liabilities. A court in Guangzhou in southern China said on Friday it had accepted a bankruptcy liquidation case against Evergrande’s mainland property development unit, a business that industry data shows accounted for much of the group’s overall debt.
The move came a day after a court in Shenzhen sentenced Evergrande founder Hui Ka Yan, 67, to life in prison for financial crimes. On the same day, dozens of others linked to the group, including Hui’s sons, were also given prison terms of up to 18 years. The latest developments have added to signs that Chinese…