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China’s Builders Tackle Restructuring as Crisis Enters New Phase
China’s property-debt crisis has entered a new stage, as tensions have increasingly shifted to developers’ court battles with creditors over debt restructuring plans, and the once-unthinkable consequence of liquidation orders. At least 23 Chinese builders or related companies have so far received wind-up petitions in Hong Kong from creditors since the beginning of the real estate crisis, according to Bloomberg-compiled data. So far, at least five of them have been ordered to wind up. That includes China Evergrande Group, whose liquidation order sent shock waves through the sector, underscoring the legal risk of ... (full story)