World News@lemmy.worldEnglish · 9 months ago

Evergrande's liquidation could derail the Chinese economy and have global effects

www.abc.net.au

cross-posted to:
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Evergrande's liquidation could derail the Chinese economy and have global effects

www.abc.net.au

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World News@lemmy.worldEnglish · 9 months ago

cross-posted to:
[email protected]

Hong Kong court orders Evergrande's liquidation, posing threats to China's economy and global markets

www.abc.net.au

A Hong Kong court has ordered one of China's biggest property developers, Evergrande Group, to liquidate, which could have severe consequences not just for China, but other economies including Australia.

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

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9 months ago
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

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