Chinese property giant Evergrande has plunged into liquidation, potentially jeopardising demand for n iron ore used to make steel.
The future of ‘s biggest export could be rocky after a Hong Kong judge Linda Chan ordered it to wind up its business owing to a ‘lack of progress on the part of the company putting forward a viable restructuring proposal’.
The glut of apartment towers saw China’s second biggest apartment builder incur debts of more than $400billion, sparking concerns from the Communist Party government about its solvency.
This has ramifications for Western , the world’s biggest supplier of iron ore as the Evergrande’s liquidation undermines confidence in China’s property market.
Chinese property giant Evergrande has plunged into liquidation, potentially jeopardising demand for n iron ore used to make steel (pictured is an Evergrande commercial complex in Beijing)