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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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[-] Agent641@lemmy.world 12 points 7 months ago

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

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

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