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:
Kingsley Emu has dismissed allegations against Ifeanyi Okowa as politically motivated that aim to tarnish…
Russia has expanded its nuclear doctrine to include conventional attacks supported by nuclear powers, heightening…
Tottenham's Rodrigo Bentancur is facing a seven-match ban, £100,000 fine for racial remarks made against…
Tinubu has endorsed the global fight against poverty and hunger, urging the UN Security Council…
UN aid lorries were looted in Gaza, with drivers forced at gunpoint to unload supplies,…
Prosecutors have accused Sean “Diddy” Combs of using prison phones to influence witnesses and obstruct…
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}