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HK Honorable Judge order Xiasuay Evergrande to liquidation this morning....kym?
- Thread starter k1976
- Start date
https://www.google.com/amp/s/www.bbc.com/news/business-67562522.amp
Debt-ridden Chinese property giant Evergrande has been ordered to liquidate by a court in Hong Kong.
Judge Linda Chan said "enough is enough" after the property giant failed to come up with a restructuring proposal.
Evergrande has been the poster child of China's real estate crisis with over $325bn (£256bn) of liabilities.
When Evergrande defaulted two years ago it sent shockwaves through global financial markets.
Debt-ridden Chinese property giant Evergrande has been ordered to liquidate by a court in Hong Kong.
Judge Linda Chan said "enough is enough" after the property giant failed to come up with a restructuring proposal.
Evergrande has been the poster child of China's real estate crisis with over $325bn (£256bn) of liabilities.
When Evergrande defaulted two years ago it sent shockwaves through global financial markets.
The decision is likely to send ripples through China's financial markets at a time when authorities are trying to curb a stock market sell-off.
Evergrande shares fell by more than 20% in Hong Kong after the announcement. Trading in the shares has now been suspended.
China's property sector contributes roughly a quarter of the world's second biggest economy.
Liquidation is a process where a company's assets are seized and sold off. The proceeds can then be used to repay outstanding debts.
However, whether this process is followed may depend on the Chinese government and the liquidation order does not necessarily mean that Evergrande will go bust and collapse.
The case was brought by one of its investors, Hong Kong-based Top Shine Global, in June 2022 which said that Evergrande had not honoured an agreement to buy back shares.
But what they owed is a fraction of Evergrande's total debts.
The vast majority of the money it owes is to lenders in mainland China who have limited legal avenues to demand their money.
Foreign creditors, in contrast, are free to bring cases to court outside mainland China and some have chosen Hong Kong, where Evergrande and other developers are listed, to bring lawsuits against them.
Evergrande shares fell by more than 20% in Hong Kong after the announcement. Trading in the shares has now been suspended.
China's property sector contributes roughly a quarter of the world's second biggest economy.
Liquidation is a process where a company's assets are seized and sold off. The proceeds can then be used to repay outstanding debts.
However, whether this process is followed may depend on the Chinese government and the liquidation order does not necessarily mean that Evergrande will go bust and collapse.
The case was brought by one of its investors, Hong Kong-based Top Shine Global, in June 2022 which said that Evergrande had not honoured an agreement to buy back shares.
But what they owed is a fraction of Evergrande's total debts.
The vast majority of the money it owes is to lenders in mainland China who have limited legal avenues to demand their money.
Foreign creditors, in contrast, are free to bring cases to court outside mainland China and some have chosen Hong Kong, where Evergrande and other developers are listed, to bring lawsuits against them.
Confirm already ?
U can ask BBC..they update 5m8ns ago
Of course, our 160 All Holy Turth news also report 17min ago
https://www.straitstimes.com/busine...rgrande-back-in-court-for-liquidation-hearing
Wow. But again HK judgements have no credibility because China communist terrorists can overwrite HK judgments
HONG KONG – A Hong Kong court on Jan 29 ordered the liquidation of China Evergrande Group, a move likely to send ripples through China’s crumbling financial markets as policymakers scramble to contain the deepening crisis.
Evergrande shares plunged 20.9 per cent in Hong Kong before the hearing. Trading was halted in the company and its listed subsidiaries China Evergrande New Energy Vehicle Group and Evergrande Property Services after the verdict.
The decision to liquidate the world’s most indebted developer with more than US$300 billion (S$402.6 billion) of total liabilities was made by Hong Kong Justice Linda Chan, who noted Evergrande had been unable to offer a concrete restructuring plan despite months of delays.
Evergrande shares plunged 20.9 per cent in Hong Kong before the hearing. Trading was halted in the company and its listed subsidiaries China Evergrande New Energy Vehicle Group and Evergrande Property Services after the verdict.
The decision to liquidate the world’s most indebted developer with more than US$300 billion (S$402.6 billion) of total liabilities was made by Hong Kong Justice Linda Chan, who noted Evergrande had been unable to offer a concrete restructuring plan despite months of delays.
Just imagine after eating so many free lunch or dinner since 1990, will u foot the bill?
If no permission, the honorable judge dare to announce ?
Given his Gao Gao salary and satik reputation at risk?
I think China will get angry soon
They ready announce a series of Action Items last week liao....time to close in and jiak Gao Gao
Leemember, human memory is very short...as always
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