China Evergrande winding-up hearing adjourned to Dec. 4 by Hong Kong court

HONG KONG (AP) — A Hong Kong court has adjourned a winding up hearing for property developer China Evergrande Group’s until Dec. 4. Evergrande has been in crisis since it defaulted on its debt obligations two years ago. It has over $300 billion in liabilities. For over a year, Evergrande has been working on a debt restructuring proposal for its offshore debts but its ability to complete the proposal was thrown into question after Evergrande’s chairman, Hui Ka Yan, was detained in an investigation last month. Top Shine, an investor in Evergrande unit Fangchebao, brought the winding-up petition against Evergrande in June 2022. It has accused Evergrande of not repurchasing Fangchebao shares from the firm as previously agreed.