HK Honorable Judge order Xiasuay Evergrande to liquidation this morning....kym?

[k1976]

A

XJP will not allow Evergrande to liquidate in China and HK. Simple reason is that they still have a million of home now completed yet. Country garden is still not doing any significant progress on their promises.
XJP is just a economic moron and he is a megalomaniac.

If Evergrande is to be let go, how about others smaller developer ? Are they going to go on default mode.
XJP is such a moron. He play political games and wipe out all his opponent. But dealing with default, economic depression, real estate trouble, jobless ness and weak demand isn't that straight forward. All those who opposed XJP can just be capture and be allowed to be disappeared anytime, but all the economy issues isn't that straight forward. He can't make it disappear as and when he likes it.

After bao jiak all foreign debt obligations, China will turn the corner just like 2003 with more "Bad Banks" to jiak the "Bad assets"

 

[k1976]

Winnie should watch his own back instead of thinking about other things now.

Anyone (or any country) who is heavily invested in China will get royally fucked.

U see the reaction, u know liao Boss

 

[k1976]

Fucking bunch of prostitutes.

These are good assets for facilitate good business connections

 

[ChinaCommunistSG]

Last week already jin angry liao

Evergrande is as grand as China panda. If you liquidate it, China will go after HK legal system

 

[k1976]

Evergrande is as grand as China panda. If you liquidate it, China will go after HK legal system

I just see lah....as I say before....important is to bao jiak those foreign debt obligation listed in USD....Yuan Debt ish never a issue at all

 

[k1976]

https://www.google.com/amp/s/www.cnbc.com/amp/2024/01/29/asia-markets.html

 

[k1976]

Evergrande, as well as other developers, overbuilt and over promised, taking money for apartments that had not been built and leaving hundreds of thousands of home buyers waiting on their apartments. Now that dozens of these companies have defaulted, the government is frantically trying to force them to finish the apartments, putting everyone in a difficult position because contractors and builders have not been paid for years.

What happens next in the unwinding of Evergrande will test the belief long held by foreign investors that China will treat them fairly. The outcome could help spur or further tamp down the flow of money into Chinese markets when global confidence in China is already shaken.


“People will be watching closely to see whether creditor rights are being respected,” said Dan Anderson, a partner and restructuring specialist at the law firm Freshfields Bruckhaus Deringer. “Whether they are respected will have long term implications for investment into China.”

 

[k1976]

Evergrande is as grand as China panda. If you liquidate it, China will go after HK legal system

That ish why 1cuntry 2systems

 

[k1976]

https://www.washingtonpost.com/world/2024/01/28/china-evergrande-property-developer-liquiidate/

A rational analysis

 

[k1976]

https://www.google.com/amp/s/www.al...rande-ordered-to-liquidate-as-debt-talks-fail



I really admired many samster bravery and denial to falling knives. Have fun and 万福金安

 

[k1976]

China’s troubled real-estate giant the Evergrande Group has been ordered to liquidate, a move likely to deal a new blow to confidence in the world’s second-largest economy.

A Hong Kong court made the ruling on Monday after the company failed to convince a judge it had a workable plan to restructure some $300bn in debts.

“It would be a situation where the court says enough is enough,” Judge Linda Chan said.

 

[k1976]

Evergrande’s lawyer Jose-Antonio Maurellet defended the revised plan and denied that the developer had acted in bad faith.

Evergrande’s default on repayments to international investors in 2021, after Beijing began cracking down on excessive borrowing for real estate, sent shockwaves through China’s property sector, which accounts for an estimated 15-30 percent of the economy.

 

[k1976]

https://www.reuters.com/business/wh...hina-evergrande-ordered-liquidate-2024-01-29/

 

[k1976]

WHAT HAPPENS AFTER THE COURT ORDERS EVERGRANDE LIQUIDATED?​

Once a liquidation order is issued, a provisional liquidator and then an official liquidator will be appointed to take control and prepare to sell the developer's assets to repay its debts.


The liquidators could propose a new debt restructuring plan to offshore creditors holding $23 billion of debt in Evergrande if they determine the company had enough assets or if a white knight investor appeared. They would also investigate the company's affairs and could refer any suspected misconduct by directors to Hong Kong prosecutors.

Evergrande could appeal a liquidation order, but the liquidation process would proceed pending appeal.

Shares in Evergrande and its listed subsidiaries were suspended from trading after the liquidation order. Listing rules require a company to demonstrate a business structure with sufficient operations and asset values.

 

[k1976]

HOW MUCH DEBT MIGHT CREDITORS RECOVER AND WHAT ARE THE MAIN CHALLENGES?​

Evergrande cited a Deloitte analysis during a Hong Kong court hearing in July that estimated a recovery rate of 3.4% if the developer were liquidated.

However, after Evergrande said in September its flagship unit and its chairman Hui Ka Yan were being investigated by the authorities for unspecified crimes, creditors now expect a recovery rate of less than 3%.

Evergrande's dollar bonds were bid at around one cent on the dollar on Friday.

Most of Evergrande's assets have been sold or seized by creditors, leaving its two units listed in Hong Kong - Evergrande Property Services Group (6666.HK), opens new tab and Evergrande New Energy Vehicle Group (0708.HK), opens new tab. Their combined market capitalisation had dropped to $973 million as of Friday.

A liquidator could sell Evergrande's holdings in the two units although it might be difficult to find buyers.

After a liquidation, the liquidator could take control of Evergrande's subsidiaries across mainland China by replacing their legal representatives one by one, a process that could take months or years.

Insolvency experts said it would be a challenge for the liquidator to change the representatives as Guangzhou, where Evergrande is based, is not one of the three Chinese cities that mutually recognise liquidation orders with Hong Kong.

Even if a liquidator were to take possession of the units that have onshore projects, many of these have already been taken over by creditors, frozen by courts, have little value left or are even in negative equity because of falling property prices.

 

[k1976]

HOW SIGNIFICANT WOULD LIQUIDATION BE FOR CHINA'S PROPERTY MARKET?​

While a winding-up of the developer with $240 billion of assets would send shockwaves through already fragile capital markets, experts said it would not offer a blueprint on how liquidation might unfold for other embattled developers.

Given the sheer size of Evergrande's projects and debt, the process would involve many authorities and political considerations.

Completing ongoing home construction projects will be a top priority for the company, the sector and the government.


Reporting by Clare Jim in Hong Kong and Scott Murdoch in Sydney; additional reporting by Kane Wu; Editing by Lincoln Feast

 

[Pinkieslut]

Cannot say like that......many are relationship managers or even directors

No different from the chiobu insurance/real-estate/sales agents

 

[Scrooball (clone)]

Stock market going to BBQ soon. Time for me to unload?

 

[syed putra]

The evergrande debt still less than PAP's.

 

[k1976]