China Evergrande Group hearing postponed further

China Evergrande Group, a debt-laden property developer, said on Monday that the High Court of the Hong Kong Special Administrative Region has further postponed the hearing of its winding up order to Jan 29.

The winding up petition was filed by Top Shine Global Limited of Intershore Consult (Samoa) Limited at the high court on June 24 last year, and the debt involved was HK$862.5 million ($110.33 million).

Under the judicial system in Hong Kong, after creditors fail to demand repayment from a company, they can file a winding up petition at the court to force the company to repay the debt to avoid being wound up. If the court finally issues a winding up order, the company is declared to be in insolvent liquidation.

This is the seventh time that the hearing of Evergrande's winding up order has been postponed.

liuzizheng@chinadaily.com.cn