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
Evergrande halted trading on Chinas stock exchange for like over a year and a half.
China gave them time and money to not fail, but it was too late. Now the sticthing is coming undone.
Their stock was halted again today:
https://www.cnbc.com/2024/01/29/asia-markets.html