A court in Hong Kong ordered China Evergrande (HKG:3333) unit CEG Holdings BVI to wind up during a hearing on Friday, Bloomberg News reported the same day.
CEG Holdings BVI holds nearly half of Evergrande unit Evergrande Property Services (HKG:6666), according to Bloomberg.
The liquidation petition, filed in September 2024, is part of a series of efforts by court-appointed liquidators to recover assets from Evergrande, the world's largest indebted developer, the report said. Evergrande's liquidation led to a downfall in China's property market.
Liquidators are also scrambling to recover $6 billion in dividends and cashback to seven persons including founder Hui Ka Yan, Bloomberg reported.
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