00:00 It's Benzinga and here's what's on the block. Evergrande shares were halted after plunging
00:04 over 20% in early trading on Monday after a Hong Kong court ruled to liquidate the embattled
00:08 property developer. China Evergrande is the world's most indebted property developer,
00:12 defaulting in 2021 and announcing an offshore debt restructuring program in March of 2023.
00:17 The Wall Street Journal reported that Evergrande's overseas creditors failed to reach an 11th hour
00:21 deal this weekend to restructure the company's debts. Other major Chinese developers like
00:25 Country Garden are also struggling with debt repayment, although Country Garden claims it
00:29 may avoid default on local currency bonds. For all things money, visit Benzinga.com.
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