A Hong Kong court has ordered China's Evergrande Group, the globe's most heavily indebted real estate firm with liabilities exceeding $300 billion USD, to liquidate. Most of Evergrande's assets are located in China, and it seems that only its international assets are set for liquidation. It’s unclear if Hong Kong’s court order can be enforced in China and Evergrande’s CEO said they will work on finishing up the 6 millions units they are still building in China. Foreign creditors and bondholders are screwed and the fallout is likely to severely impact Evergrande's subcontractors, lenders, and homebuyers in China.
1/29/2024: Evergrande is Ordered to Liquidate
1/29/2024: Evergrande is Ordered to Liquidate
1/29/2024: Evergrande is Ordered to Liquidate
A Hong Kong court has ordered China's Evergrande Group, the globe's most heavily indebted real estate firm with liabilities exceeding $300 billion USD, to liquidate. Most of Evergrande's assets are located in China, and it seems that only its international assets are set for liquidation. It’s unclear if Hong Kong’s court order can be enforced in China and Evergrande’s CEO said they will work on finishing up the 6 millions units they are still building in China. Foreign creditors and bondholders are screwed and the fallout is likely to severely impact Evergrande's subcontractors, lenders, and homebuyers in China.