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

www.abc.net.au

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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 NewsEnglish • 11 months ago

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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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13•11 months ago
If someone deleted 2.5% of your net worth including assets from your bank account you would notice and be annoyed.

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