Property developer Dexin China ordered to liquidate by Hong Kong court

HONG KONG -- Hong Kong's High Court on Tuesday ordered midsize Chinese real estate company Dexin China to liquidate, following a petition by state-owned China Construction Bank based on the developer's failure to repay debts.

The news was first reported by Bloomberg. During Hong Kong liquidation procedures, debts are reorganized under a court-appointed liquidator, and if the process proves difficult, the company itself may be forced to dissolve.