AsianFin -- A Hong Kong court has ordered the liquidation of a crucial offshore subsidiary of China Evergrande Group, CEG Holdings BVI Ltd., marking another victory for liquidators seeking to access the assets of the defaulted real estate giant.

This follows a similar ruling made a year ago when China Evergrande Group was ordered to wind up in Hong Kong. The liquidators filed the petition for the subsidiary’s liquidation in September.

CEG Holdings BVI Ltd. holds nearly half of Evergrande Property Services Group, the builder’s property management arm, which is valued at HK$7.4 billion ($945 million), according to Bloomberg data. Evergrande Property Services was a significant player in the company’s failed restructuring negotiations with creditors.