https://sputnikglobe.com/20240129/hong-kong-high-court-orders-liquidation-of-chinas-evergrande-developer--reports-1116462207.html
Hong Kong High Court Orders Liquidation of China’s Evergrande Developer – Reports
Hong Kong High Court Orders Liquidation of China’s Evergrande Developer – Reports
Sputnik International
Hong Kong's High Court has granted a petition by creditors to liquidate Evergrande, one of China’s largest property developers with a record debt among global developers, Chinese media reported on Monday
2024-01-29T09:04+0000
2024-01-29T09:04+0000
2024-01-29T09:16+0000
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"The hearing has lasted for one and a half years, and the company still has not been able to bring forward a concrete restructuring proposal [to restructure its $328 billion in liabilities]. I think it is the time for the court to say enough is enough," Justice Linda Chan was quoted as saying by the South China Morning Post newspaper. The company has the right to appeal the verdict. Provisional liquidators will now take over the management and affairs of Evergrande. Their tasks will include negotiating debt restructuring with creditors and controlling assets and accounting records in accordance with liquidation procedures in Hong Kong, the newspaper reported. The provisional liquidator is expected to be named later in the day. The court's ruling, however, faces cross-jurisdictional issues since most of the company’s assets are located in mainland China, according to the report. Evergrande said in its 2022 annual report that it had over 1,200 projects at different stages of completion. Following the court’s decision, the Hong Kong stock exchange announced the suspension of trading in Evergrande's underlying stocks, futures and options.
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Hong Kong High Court Orders Liquidation of China’s Evergrande Developer – Reports
09:04 GMT 29.01.2024 (Updated: 09:16 GMT 29.01.2024) MOSCOW (Sputnik) - Hong Kong's High Court has granted a petition by creditors to liquidate Evergrande, one of China’s largest property developers with a record debt among global developers, Chinese media reported on Monday.
"The hearing has lasted for one and a half years, and the company still has not been able to bring forward a concrete restructuring proposal [to restructure its $328 billion in liabilities]. I think it is the time for the court to say enough is enough," Justice Linda Chan was quoted as saying by the South China Morning Post newspaper.
The company has the right to appeal the verdict.
Provisional liquidators will now take over the management and
affairs of Evergrande. Their tasks will include negotiating debt restructuring with creditors and controlling assets and accounting records in accordance with liquidation
procedures in Hong Kong, the newspaper reported. The provisional liquidator is expected to be named later in the day.
11 August 2023, 07:00 GMT
The court's ruling, however, faces cross-jurisdictional issues since most of the company’s assets are located in mainland China, according to the report.
Evergrande said in its 2022 annual report that it had
over 1,200 projects at different stages of completion. Following the court’s decision, the Hong Kong stock exchange announced the suspension of trading in
Evergrande's underlying stocks, futures and options.
In 2021, Evergrande, after years of rapid growth and heavy borrowing, found itself on the brink of default with more than $300 billion in debt obligations. Declining sales, as well as high-risk business model, led to the company’s crisis.
Chinese creditors reportedly filed lawsuits against the developer over the course of several months for non-fulfillment of debt obligations, seeking to recover a total of more than $13 billion.
