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The Chinese real-estate giant has failed to convince the court that it has been working on a restructuring plan.
In a bid to sustain the economy, Beijing resorts to the issuance of new bonds and the printing of money.
Billionaire arrested after shady asset transfers and filing for bankruptcy protection.
Shares of Chinese real estate developer Evergrande Group have finally been allowed to show their true colors, reporting an 86.7 percent drop as trading resumed in Hong Kong.
The People’s Bank of China (PBoC) trimmed a key interest rate and left a separate policy rate unchanged as the country grapples with a storm of economic challenges, including in the nation’s troubled property sector.
