The Guangzhou Intermediate People's Court on Friday granted a bank's bankruptcy liquidation application for Evergrande Real Estate Group.

Guangzhou Rural Commercial Bank's Huaxia branch filed for the bankruptcy liquidation of the real estate entity, citing the company's inability to repay its maturing debts and a shortfall of assets to cover the liabilities.

Xu Jiayin, former chairman of Evergrande Group, was sentenced to life imprisonment on Thursday for a string of financial and corporate crimes, while the group and its property arm were fined a combined 15.82 billion yuan ($2.35 billion), according to the Shenzhen Intermediate People's Court.