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
  • peterfEnglish
    52·
    5 months ago

    China has a GDP of $12.5 trillion.

    • Agent641@lemmy.worldEnglish
      141·
      5 months ago

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