(Bloomberg) -- A key offshore subsidiary of China Evergrande Group was ordered to liquidate by a Hong Kong court, marking the latest legal win for liquidators who are trying to access the defaulted builder’s key assets.
A year ago, China Evergrande Group was ordered to be wound up in Hong Kong, and its liquidators subsequently filed the petition against its subsidiary CEG Holdings BVI Ltd. in September.
The unit owns nearly half of Evergrande Property Services Group, the builder’s property management business, which is valued at HK$7.4 billion ($945 million), according to Bloomberg-compiled data. Evergrande Property Services Group was an integral part of its parent’s failed restructuring talks with creditors.
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