Posted 1/29/2024, 2:55:51 AM
China Orders Liquidation of Evergrande as Property Giant Buckles Under $300B Debt
- Evergrande Group, China's most indebted property developer, has been ordered by a Hong Kong court to liquidate
- This comes after Evergrande defaulted on debt in 2021, sparking a massive property crisis in China
- Court-appointed liquidators will sell Evergrande's assets to pay off over $300 billion in liabilities
- The crisis has wiped out trillions from Chinese stocks and dragged down China's economy
- China's property sector accounted for 30% of GDP; its downturn now hampers broader economic recovery