China’s property giant Evergrande ordered to liquidate as debt talks fail
China’s troubled real-estate giant the Evergrande Group has been ordered to liquidate, a move likely to deal a new blow to confidence in the world’s second-largest economy.
A Hong Kong court made the ruling on Monday after the company failed to convince a judge it had a workable plan to restructure some $300bn in debts.
Evergrande’s default on repayments to international investors in 2021, after Beijing began cracking down on excessive borrowing for real estate, sent shockwaves through China’s property sector, which accounts for an estimated 15-30 percent of the economy.
More than 50 Chinese real-estate developers have defaulted or missed payments during the past three years, according to credit ratings agency Standard and Poor’s (S&P).
https://www.aljazeera.com/economy/20...ebt-talks-fail
China’s troubled real-estate giant the Evergrande Group has been ordered to liquidate, a move likely to deal a new blow to confidence in the world’s second-largest economy.
A Hong Kong court made the ruling on Monday after the company failed to convince a judge it had a workable plan to restructure some $300bn in debts.
Evergrande’s default on repayments to international investors in 2021, after Beijing began cracking down on excessive borrowing for real estate, sent shockwaves through China’s property sector, which accounts for an estimated 15-30 percent of the economy.
More than 50 Chinese real-estate developers have defaulted or missed payments during the past three years, according to credit ratings agency Standard and Poor’s (S&P).
https://www.aljazeera.com/economy/20...ebt-talks-fail
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