2024-01-29 19:06:36
A residential complex of the Evergrande group, in Beijing. AFP / GREG BAKER
DECRYPTION – The real estate giant, weighed down by a debt of 300 billion dollars, in difficulty for three years, was put into liquidation by a Hong Kong court.
Evergrande, the former leading Chinese developer, is no longer worth anything or almost nothing. The real estate giant was valued at 2.15 billion Hong Kong dollars (250 million euros) on Monday, far from the 50 billion reached in 2017. The ax fell on Monday, a little more than two years after the shock caused by the bringing Evergrande’s liquidity crisis to light. A Hong Kong court has ordered the liquidation of the world’s most indebted real estate developer, to the tune of more than 330 billion US dollars (305 billion euros). Mistake “restructuring proposal, let alone a viable proposal that has the support of the majority of creditors, it is appropriate to issue a liquidation order said High Court Justice Linda Chan.
The real estate group is listed in Hong Kong but almost all of its assets are located in mainland China. This makes its liquidation a test of the legal impact of Hong Kong’s decisions in China…
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