A Hong Kong court has ordered one of China’s biggest property developers, Evergrande Group, to liquidate after it was unable to reach a restructuring deal with creditors over hundreds of billions of dollars it owes.
Key points:
- Evergrande has been ordered to liquidate after failing to come up with a restructuring deal with creditors over US$300 billion in debts owed
- The liquidator will now attempt to take control of Evergrande assets outside China, but there are fears that could pave the way for other lawsuits
- It could take years for the offshore liquidator to take control of subsidiaries across mainland China
Yeah I didn’t own a house in 2008 so that whole financial crisis thing had zero impact on me 🤔