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submitted 7 months ago by MicroWave@lemmy.world to c/world@lemmy.world

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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[-] Reverendender@sh.itjust.works 19 points 7 months ago

Not a property developer! Harcourt, fetch me my clutching pearls!

[-] clayh@lemmy.ml 7 points 7 months ago

Yeah I didn’t own a house in 2008 so that whole financial crisis thing had zero impact on me 🤔

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this post was submitted on 29 Jan 2024
133 points (95.9% liked)

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