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submitted 9 months ago by MicroWave@lemmy.world to c/world@lemmy.world

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
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[-] where_am_i@sh.itjust.works 4 points 9 months ago

How do you think an American real estate scam made on wall street made Greece to almost default? And the effect was instantaneous even.

this post was submitted on 29 Jan 2024
133 points (95.9% liked)

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