Evergrande, the massive Chinese real estate developer with $300 billion in debt, is ordered to liquidate by a Hong Kong court
Clare Jim and Xie Yu
Reuters reposted on Business Insider
Jan 28, 2024, 6:46 PM PST

[snip]

A Hong Kong court on Monday 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, the world's most indebted developer with more than $300 billion of total liabilities, sent a struggling property sector into a tailspin when it defaulted on its debt in 2021.

That deepened a debt crisis in the sector and sparked many other company defaults in a damaging economic blow that to this day remains a drag on growth.

A liquidation ruling of the developer which has $240 billion of assets will likely jolt already fragile Chinese capital and property markets.