Global

Court Orders Liquidation Of China Evergrande

A Hong Kong court on Monday ordered the liquidation of the property behemoth China Evergrande Group, striking a further blow to trust in the nation’s precarious real estate market as authorities are boosting attempts to manage an increasing crisis.

After noting that Evergrande had not provided a viable restructuring plan more than two years after going into default on its offshore debt and after multiple court appearances, Justice Linda Chan made the decision to liquidate the developer that was the most indebted in the world, with liabilities totalling over $300 billion.

While in court on Monday, Chan said that it is time for the court to say “enough is enough.”

Given the numerous authorities involved, investors will be watching to see if the Chinese courts would acknowledge Hong Kong’s verdict, setting the stage for what is anticipated to be an extensive and complex procedure with possible political ramifications. Offshore investors will also be interested in the way Chinese authorities handle international creditors when a firm collapses.

Chan named Alvarez & Marsal as the liquidator, stating that doing so would serve the interests of all creditors since it would allow the company to oversee a new Evergrande restructuring plan during the period that its chairman, Hui Ka Yan, is being investigated for possible crimes.

With $240 billion in assets, Evergrande’s 2021 debt default crippled the economy and threw a wrench in the already fragile real estate market. China’s already unstable real estate and finance markets are made even more unclear by the liquidation judgement.

The chief executive of Evergrande, Siu Shawn, told Chinese media that even with the liquidation order, the business will make sure house construction projects are delivered. He went on to say that the decision would not have an impact on how Evergrande’s offshore and onshore businesses operated.

Also, the managing director of Alvarez & Marsal, Tiffany Wong, said after the appointment, “Our priority is to see as much of the business as possible retained, restructured, and remain operational. We will pursue a structured approach to preserve and return value to the creditors and other stakeholders.”

Another managing director with Alvarez & Marsal, Edward Middleton, said the firm would promptly move to Evergrande’s headquarters.

Prior to the hearing, Evergrande’s stock was down as much as 20%. The decision resulted in the suspension of trading in China Evergrande and its listed companies, Evergrande Property Services and China Evergrande New Energy Vehicle Group.

Follow us on:

AriseNews

View Comments

  • opportunities to get a car of your choice at a minimum amount NIGERIA 🇳🇬 CUST0M SERVICE REPLACEMENT FORM IS FINALLY OUT FOR 2024 /2025 BATCH B AND YOU CAN GET IT DIRECTLY FROM THE ZONAL HEADQUARTERS IN NIGERIA INTERESTED APPLICANT THAT HAS WAECE, NECO, NCE, ND, HND, BSC CAN APPLY PLEASE KINDLY CONTACT ME ON: FOR MORE INQUIRIES

    BAGS OF RICE 18,500
    VEGETABLE OIL 25.
    LITTER 10,000

    TOKUMBO VEHICLE FOR
    SALE AT AUCTION PRICE
    INTERESTED BUYER
    SHOULD CONTACT
    OFFICER MRSEZE
    [O9I 5608.9111 ]

    CARS FEATURES AND
    PRICE BELOW
    Tipper head 6m
    Dyan truck 900k

    GOLF 2,3,4,5 #500,000
    TOYOTA CAMRY BIG
    DADDY #550,000
    TOYOTA CAMRY
    TINYLIGH= #550,000
    TOYOTA CAMRY
    MUSCLE= #850,000
    TOYOTA CAMRY
    PENCILLIGHT=#500,000
    TOYOTA COROLLA
    le=#550,000
    TOYOTA COROLLA
    S=#750,000
    TOYOTA
    VENZA=#950,00 1.8m
    Tacoma 1,000,000
    TOYOTA Hilux 1.5 million
    TOYOTA AVALON
    #800,000
    TOYOTA AVENSIS
    #700,000
    TOYOTA RAV4 800k
    TOYOTA SIENNA
    #850,000
    TOYOTA
    4runner#950,000
    Bus 900k
    TOYOTA TUNDRA 1.9m
    TOYOTA PICNIC
    #550,000
    TOYOTA Highlander
    #950,000
    TOYOTA PADRO JEEP
    1.6m
    TOYOTA LAND
    CRUISER=1.5m
    TOYOTA YARIS #459,000
    TOYOTA MATRIX
    #650,000
    TOYOTA HAICE BUS
    #750,000
    ACCURA ZDX 1.6m
    ACCURA MDX 1.9m
    HONDA PILOT #950,00
    HONDA BABY BOY
    #550,000
    HONDA END OF
    DISCUSSION
    HONDA ACCORD
    #550,000
    Honda CR-V #850,000
    INFINITY fx450 #750,000
    to 1.4m
    NISSAN MURANO
    #650,00
    Es250 900k
    LEXUS RX 350 #1.2m
    LEXUS RS 330 # 1m
    Gx460 2.7m
    LEXUS RS 300 # 900,000
    LEXUS RX 470 1.5m
    Es3501mill
    Range rover 3mill
    All NEGOTIABLE WE
    RENDER GOOD SERVICE
    TO CUSTOMER ....{ E.T .C}

    LOCATION AT OGUN
    STATE IDIROKO BORDER WE
    HAVE TWO OPTION
    EITHER WE DELIVERY OR
    YOU COME OVER IF YOU
    HAVE TO COME OVER WE
    NEED THIS FROM YOU

    {1} NATIONAL ID CARD
    {2} BORDER PERMIT
    {3} INSPECTION DOCUMENTS
    {4} 2PASSPORT

    THANKS FOR YOUR
    PATRONAGE WE

    DELIVER TO 36 STATE IN
    NIGERIA AND ALSO
    COME DOWN WITH THE
    FULL PAYMENT CALL
    FOR MORE
    INFORMATION
    {O9I 5608.9111}

Recent Posts

Anambra Lacks Regulatory Framework For Crowd Control, Says Information Commissioner Law Mefor

Anambra lacks formal crowd control law but is working on a regulatory framework, says state…

50 minutes ago

Akugbe Iyamu: We Must Be Prepared For Severe Droughts, Hunger in 2025

Retired Air Vice Marshal Akugbe Iyamu has called for urgent preparations for drought, heatwaves, and…

1 hour ago

Romania Set To Form New Government With Marcel Ciolacu As Prime Minister

Romania's president Klaus Iohannis is expected to designate Prime Minister Marcel Ciolacu to form a…

2 hours ago

Nigeria Announces Public Holidays for Christmas and New Year Celebrations

Federal Government of Nigeria has declared public holidays to mark Christmas and New Year festivities…

2 hours ago

IGP Orders Investigation into Death of Ilorin Detainee Jimoh Abdulquadri in Police Custody

IGP Egbetokun has ordered an investigation into Jimoh Abdulquadri’s death in police custody, promising justice…

5 hours ago

Trump Dismisses Claims That Elon Musk Holds Real Power Behind US President-Elect

Donald Trump has rejected suggestions that Elon Musk is the true influence behind the newly…

5 hours ago