According to an individual familiar with the situation, China Evergrande Group has failed to submit necessary defence documents to a Hong Kong court by the designated deadline. This development comes as a preliminary hearing is set to take place next Monday regarding a potential winding-up order against the company. The absence of these crucial documents raises concerns about the company’s ability to present a strong defence against the winding-up petition.
China Evergrande Group, a major Chinese property developer, has been facing immense financial challenges in recent months. With a debt exceeding $300 billion, the company has been struggling to meet its financial obligations, leading to liquidity concerns and a series of missed payments. The failure to submit defence documents in a timely manner further adds to the uncertainty surrounding the company’s future. As the winding-up hearing approaches, it remains to be seen how this development will impact the legal proceedings and the overall trajectory of China Evergrande Group.
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