A court in Hong Kong today sent the Chinese real estate company China Evergrande, which is the world’s most indebted developer with liabilities of over 300 billion dollars (CZK 6.8 trillion), into liquidation. This is reported by the Reuters agency, according to which the decision is likely to have significant effects on the Chinese financial markets.
The judge justified her decision by the fact that the company failed to reach a restructuring agreement with creditors. Trading in China Evergrande shares was suspended in response to the verdict.
China’s real estate sector is currently going through a serious crisis that threatens the world’s second largest economy. China Evergrande triggered the industry crisis in 2021 when it defaulted on its obligations. The company then filed for bankruptcy in New York in an attempt to protect its assets in the US.
2024-01-29 04:09:28
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