Hong Kong court orders liquidation of China's Evergrande. What comes next?
1 year, 2 months ago

Hong Kong court orders liquidation of China's Evergrande. What comes next?

Firstpost  

Evergrande Group was once China’s biggest property developer. Evergrande cited a Deloitte analysis during a Hong Kong court hearing in July that estimated a recovery rate of 3.4 per cent if the developer were liquidated. Most of Evergrande’s assets have been sold or seized by creditors, leaving its two units listed in Hong Kong — Evergrande Property Services Group, opens new tab and Evergrande New Energy Vehicle Group, opens new tab. 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. A police vehicle is pictured outside the High Court where a court hearing on property developer China Evergrande Group is held, in Hong Kong, China.

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History of this topic

Evergrande Unit Tianji Ordered to Liquidate by HK Court
1 month, 1 week ago

Evergrande Unit Tianji Ordered to Liquidate by HK Court

Live Mint  

-- A key unit of China Evergrande Group was ordered by a Hong Kong court to liquidate, the latest legal win for liquidators trying to access assets of the world’s most indebted developer. Tianji Holding is clearly insolvent, Judge Linda Chan of Hong Kong’s High Court said in her Monday ruling. A Hong Kong court last month moved up Tianji’s …

Evergrande files suit to recover $6b dues
7 months, 3 weeks ago

Evergrande files suit to recover $6b dues

China Daily  

A file photo shows a housing project developed by China Evergrande Group in Xiangyang, Hubei province. China Evergrande Group and its liquidators are seeking to recover about $6 billion in dividends and remuneration paid to seven people and entities related to the group, the troubled real estate developer said in a filing to the Hong Kong stock exchange late on …

Evergrande: China property developer and founder accused of £60bn fraud
1 year ago

Evergrande: China property developer and founder accused of £60bn fraud

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Troubled property developer ChinaEvergrande Group …

Stocks are mixed as China scrambles to avoid major real estate developer bankruptcy
1 year ago

Stocks are mixed as China scrambles to avoid major real estate developer bankruptcy

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy China stocks were mixed Wednesday …

Court orders liquidation of Chinese property giant Evergrande in landmark moment for industry
1 year, 2 months ago

Court orders liquidation of Chinese property giant Evergrande in landmark moment for industry

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy A Hong Kong court has …

China Evergrande is ordered to liquidate, with over $300 billion in debt. Here’s what that means
1 year, 2 months ago

China Evergrande is ordered to liquidate, with over $300 billion in debt. Here’s what that means

Associated Press  

A court in Hong Kong on Monday ordered China Evergrande to be liquidated in a decision that marks a milestone in China’s efforts to resolve a crisis in its property industry that has rattled financial markets and dragged on the entire economy. Evergrande, founded in the mid-1990s by Hui Ka Yan, it is the world’s most deeply indebted developer with …

Evergrande faces imminent liquidation after talks with top creditors break down
1 year, 2 months ago

Evergrande faces imminent liquidation after talks with top creditors break down

Live Mint  

Chinese property developer Evergrande faces imminent liquidation after its overseas creditors failed to reach an 11th-hour deal this weekend to restructure the sprawling real-estate company, according to people familiar with the matter. Without a deal, a group of Evergrande’s creditors’ plan to support an existing petition to liquidate the company at a winding-up hearing on Monday in Hong Kong, the …

Chinese property developer firm Evergrande faces liquidation after Hong Kong court order
1 year, 2 months ago

Chinese property developer firm Evergrande faces liquidation after Hong Kong court order

Op India  

On 29th January, the Hong Kong court issued an order to liquidate Evergrande, a property developer from China. Notably, Evergrande was once China’s most prominent property developer and had played a significant role in the country’s economy. The court order came after a financer filed a winding-up petition in 2022 and sought liquidation of the company after Evergrande defaulted on …

Evergrande heads for liquidation: Rise and demise of China’s property giant
1 year, 2 months ago

Evergrande heads for liquidation: Rise and demise of China’s property giant

Firstpost  

Here comes another blow for the world’s most indebted property developer — Evergrande Group. A person pushes a cart near media members standing outside the High Court where a court hearing on property developer China Evergrande Group is held, in Hong Kong. Most of Evergrande’s assets are in mainland China and despite the “one country, two systems” slogan, there are …

China's top-selling to world's most indebted developer: What is Evergrande crisis
1 year, 2 months ago

China's top-selling to world's most indebted developer: What is Evergrande crisis

Hindustan Times  

A Hong Kong court ordered the liquidation of China Evergrande Group on Monday. Once China's top-selling developer, Evergrande's financial crisis became public in 2021 and since then it and a string of its peers have defaulted on their offshore debt obligations amid slowing home sales and fewer new avenues for fundraising, triggering fears of wider contagion that could spread to …

Court orders China Evergrande property developer to liquidate after it failed to reach debt deal
1 year, 2 months ago

Court orders China Evergrande property developer to liquidate after it failed to reach debt deal

Hindustan Times  

HONG KONG — A Hong Kong court on Monday ordered property developer China Evergrande Group to liquidate after it was unable to reach a restructuring deal with creditors. Chinese property developer China Evergrande Group on Monday, Jan. 29, 2024 was ordered to liquidate by a Hong Kong court, after the firm was unable to reach a restructuring deal with creditors. …

China Evergrande has been ordered to liquidate. The real estate giant owes over $300 billion
1 year, 2 months ago

China Evergrande has been ordered to liquidate. The real estate giant owes over $300 billion

Associated Press  

HONG KONG — A Hong Kong court ordered China Evergrande, the world’s most heavily indebted real estate developer, to undergo liquidation following a failed effort to restructure $300 billion owed to banks and bondholders that fueled fears about China’s rising debt burden. She said it was appropriate for the court to order Evergrande to wind up its business given a …

Evergrande's liquidation could derail the Chinese economy and have global effects
1 year, 2 months ago

Evergrande's liquidation could derail the Chinese economy and have global effects

ABC  

A Hong Kong court has ordered one of China's biggest property developers, Evergrande Group, to liquidate after it was unable to reach a restructuring deal with creditors over hundreds of billions of dollars it owes. Key points: Evergrande has been ordered to liquidate after failing to come up with a restructuring deal with creditors over US$300 billion in debts owed …

Why China Property Giant Evergrande Faces Liquidation
1 year, 2 months ago

Why China Property Giant Evergrande Faces Liquidation

Bloomberg  

Property giant China Evergrande Group is heading for liquidation after a Hong Kong court ordered it to be wound up. Evergrande defaulted on its bonds in December 2021, triggering protracted negotiations with creditors to hammer out a restructuring plan. Further funding problems sent the company’s stock and bonds tumbling and, after late payments on some dollar bonds, it missed a …

China’s property giant Evergrande ordered to liquidate as debt talks fail
1 year, 2 months ago

China’s property giant Evergrande ordered to liquidate as debt talks fail

Al Jazeera  

Hong Kong court orders developer to wind up after finding company has no viable restructuring plan. Hong Kong-listed shares in Evergrande plunged by more than 20 percent following the ruling on Monday, before the city’s stock exchange halted trading in the stock. “Evergrande’s liquidation will pose more challenges to itself and other developers, but it will only have a limited …

China real estate giant Evergrande, over $300 billion in debt, is ordered to liquidate
1 year, 2 months ago

China real estate giant Evergrande, over $300 billion in debt, is ordered to liquidate

LA Times  

Broken furniture is seen outside an abandoned Evergrande commercial complex in Beijing on Monday. A Hong Kong court ordered China Evergrande, the world’s most heavily indebted real estate developer, to undergo liquidation following a failed effort to restructure $300 billion owed to banks and bondholders that fueled fears about China’s rising debt burden. She said it was appropriate for the …

Hong Kong court puts off Chinese developer Evergrande’s hearing on its debt restructuring to January
1 year, 3 months ago

Hong Kong court puts off Chinese developer Evergrande’s hearing on its debt restructuring to January

Associated Press  

HONG KONG — A Hong Kong court postponed until Jan. 29 a court hearing scheduled for Monday on troubled Chinese property developer Evergrande’s winding-up petition. The Hong Kong High Court has postponed the hearing over Evergrande’s potential liquidation several times. The company, the world’s most indebted property developer, ran into trouble when Chinese regulators cracked down on excessive borrowing in …

Chinese developer Evergrande risking liquidation if creditors veto its plan for handling huge debts
1 year, 3 months ago

Chinese developer Evergrande risking liquidation if creditors veto its plan for handling huge debts

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy A Hong Kong court will …

China Evergrande’s court hearing deferred to Dec 4; last chance for resolution
1 year, 5 months ago

China Evergrande’s court hearing deferred to Dec 4; last chance for resolution

Live Mint  

Hong Kong High Court judge Linda Chan has deferred today's hearing of China Evergrande Group to December 4, Reuters reported. Judge's Words Justice Chan conveyed that Evergrande must submit a "concrete" revised restructuring proposal before the next hearing; or face the possibility of liquidation. A potential liquidation would introduce further uncertainty into China's property debt crisis, which is entering its …

China Evergrande winding-up hearing adjourned to Dec. 4 by Hong Kong court
1 year, 5 months ago

China Evergrande winding-up hearing adjourned to Dec. 4 by Hong Kong court

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy A Hong Kong court on …

China Evergrande soars after property developer’s stocks resume trading
1 year, 5 months ago

China Evergrande soars after property developer’s stocks resume trading

Associated Press  

HONG KONG — Shares of debt-laden property developer China Evergrande Group soared Tuesday after they resumed trading in Hong Kong following a suspension last week. The company’s stock was suspended from trading last week as it confirmed Chinese police were investigating its chairman, Hui Ka Yan, on “suspicion of illegal crimes.” An affiliate, Evergrande Property Services, also resumed trading Tuesday, …

‘China Evergrande shares suspended, China may have learnings from US, India’
1 year, 6 months ago

‘China Evergrande shares suspended, China may have learnings from US, India’

Live Mint  

China Evergrande Group decided to halt trading in Hong Kong as well as its electric vehicle and property services divisions, following a Bloomberg report that founder Hui Ka Yan had been arrested by authorities. According to Bloomberg's news report, no explanation for the halt was provided in a notice to the Hong Kong stock exchange on Thursday. Hui was hauled …

Trading of shares of heavily indebted property developer China Evergrande suspended in Hong Kong
1 year, 6 months ago

Trading of shares of heavily indebted property developer China Evergrande suspended in Hong Kong

Associated Press  

HONG KONG — Trading in shares of heavily indebted Chinese property developer China Evergrande Group was suspended in Hong Kong on Thursday, according to a notice on the Hong Kong stock exchange. Evergrande is the world’s most heavily indebted real estate developer and is at the center of a property market crisis that is dragging on China’s economic growth. Trading …

China Evergrande’s founder under investigation, shares halted
1 year, 6 months ago

China Evergrande’s founder under investigation, shares halted

Al Jazeera  

World’s most indebted property developer did not say what were the ‘illegal crimes’ for which he was being investigated. China Evergrande Group’s founder is being investigated over suspected “illegal crimes”, the embattled developer said on Thursday, as creditors become increasingly concerned about the group’s prospects amid an uncertain debt revamp plan and liquidation risk. “They’ve managed to avoid the ‘bottom …

Chinese police detain wealth management staff at the heavily indebted developer Evergrande
1 year, 6 months ago

Chinese police detain wealth management staff at the heavily indebted developer Evergrande

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Police in a southern Chinese …

Chinese police detain wealth management staff at the heavily indebted developer Evergrande
1 year, 6 months ago

Chinese police detain wealth management staff at the heavily indebted developer Evergrande

Associated Press  

TAIPEI, Taiwan — Police in a southern Chinese city said they have detained some staff at China Evergrande Group’s wealth management unit in the latest trouble for the heavily indebted developer. A statement by the Shenzhen police on Saturday said authorities “took criminal coercive measures against suspects including Du and others in the financial wealth management company under Evergrande Group.” …

China: Police detain employees of cash-strapped real estate developer Evergrande amid financial crisis
1 year, 6 months ago

China: Police detain employees of cash-strapped real estate developer Evergrande amid financial crisis

India TV News  

Chinese police have detained some employees in the heavily indebted property developer Evergrande Group's wealth management unit - marking the latest trouble for the company after it has repeatedly failed to make payments for its investment products. The Shenzhen police in a statement said that authorities have taken "criminal coercive measures against suspects" including a person surnamed Du and others …

Tender sale of Evergrande’s Hong Kong headquarters fails again: Report
2 years, 2 months ago

Tender sale of Evergrande’s Hong Kong headquarters fails again: Report

Live Mint  

A tender for the sale of embattled China Evergrande Group's headquarters in Hong Kong has lapsed again, two sources with knowledge of the matter said on Tuesday, because the offer prices and terms fell short of requirements. Lenders to the office tower, China Evergrande Centre, valued at between HK$8 billion and HK$9 billion, appointed a receiver in September to seize …

Chinese property giant Evergrande to pay $1.1 billion following indebtedness
2 years, 7 months ago

Chinese property giant Evergrande to pay $1.1 billion following indebtedness

Hindustan Times  

A unit of embattled Chinese developer Evergrande has failed to repay its loans and must pay a guarantor $1.1 billion, the company said in a Hong Kong stock exchange filing. The announcement comes after the company failed to publish a "preliminary restructuring proposal" by the end of July, despite assuring creditors it was on track to meet the deadline. Evergrande …

Chinese property developer giant Evergrande stops trading on Hong Kong Stock Exchange
3 years ago

Chinese property developer giant Evergrande stops trading on Hong Kong Stock Exchange

Firstpost  

The suspension – the second this year – comes ahead of an expected $2 billion repayment obligation on Wednesday, and another next month of $1.4 billion Hong Kong, China: Troubled Chinese property developer giant Evergrande and all its units suspended trading in Hong Kong Monday morning, according to a notice to the stock exchange. “Accordingly, all structured products relating to …

Property stocks sink, Oaktree seizes assets: Evergrande update
3 years, 2 months ago

Property stocks sink, Oaktree seizes assets: Evergrande update

Hindustan Times  

Chinese developers’ shares slumped Thursday after two firms announced plans to issue fresh equity. U.S. investment firm Oaktree Capital is moving to seize a plot of land used as collateral by China Evergrande Group, the Financial Times reported. China Aoyuan Group Ltd. -- which changed its auditor ahead of a key earnings season for the industry -- completed a property …

Evergrande’s debt crisis: International creditors threaten legal action over ‘opaque’ restructuring process
3 years, 2 months ago

Evergrande’s debt crisis: International creditors threaten legal action over ‘opaque’ restructuring process

CNN  

Hong Kong CNN Business — Evergrande’s international creditors are losing patience. A group of the company’s overseas bondholders are threatening to take legal action over its “opaque” debt restructuring process, the latest sign of trouble for the embattled Chinese developer. The firm’s “lack of engagement and opaque decision-making to date is contrary to well established international standards in restructuring processes …

China Evergrande shares halted, set to release ‘inside information’
3 years, 2 months ago

China Evergrande shares halted, set to release ‘inside information’

Hindustan Times  

China Evergrande Group shares have been suspended from trading on Monday pending the release of "inside information", the embattled property developer said without elaborating. On Friday, Evergrande dialled back plans to repay investors in its wealth management products, saying each investor in its wealth management product could expect to receive 8,000 yuan per month as principal payment for three months …

Evergrande shares plummet 20% to new record low as default fears resurface
3 years, 3 months ago

Evergrande shares plummet 20% to new record low as default fears resurface

CNN  

Hong Kong CNN Business — Shares of Evergrande plummeted to a new record low on Mondayas the Chinese developer once again teetered on the brink of default. “In light of the current liquidity status … there is no guarantee that the group will have sufficient funds to continue to perform its financial obligations,” Evergrande said late Friday in a stock …

Evergrande debt crisis: Chairman has sold $1.1 billion worth of his personal assets to prop up the company, Chinese state media reports
3 years, 4 months ago

Evergrande debt crisis: Chairman has sold $1.1 billion worth of his personal assets to prop up the company, Chinese state media reports

CNN  

Hong Kong CNN Business — Evergrande chairman Xu Jiayin has sold more than 7 billion yuan worth of personal assets to prop uphis embattled company, Chinese state media reported this week. Xu has sold several houses in Hong Kong, GuangzhouandShenzhen, as well as some private jets, the state-owned China Business News reported Tuesday, citing anonymous sources close to the matter. …

Evergrande has reportedly made good on another payment, averting default once again
3 years, 5 months ago

Evergrande has reportedly made good on another payment, averting default once again

CNN  

Hong Kong CNN Business — For the second time this month, China’s most indebted developer Evergrande has reportedly managed to avoid default at the last minute. Friday’s reports come a week after Evergrande reportedly paid $83.5 million worth of overdue interest on a dollar bond — also shortly before an expiring grace period. Evergrande’s mainland Chinese division, Guangzhou Kailong Real …

Evergrande stock falls more than 12% as $2.6 billion Hopson deal collapses
3 years, 5 months ago

Evergrande stock falls more than 12% as $2.6 billion Hopson deal collapses

CNN  

Hong Kong CNN Business — A fire-sale deal that would have eased a punishing cash crunch at Chinese real estate giant Evergrande has collapsed, pushing the troubled company closer to a potential collapse. The companies traded blame for the collapse of the deal, with Evergrande claiming in a stock exchange filing that “the purchaser had not met the prerequisite to …

Shares in China’s Evergrande plunge as deal collapses
3 years, 5 months ago

Shares in China’s Evergrande plunge as deal collapses

Al Jazeera  

Shares of China Evergrande Group, the world’s second-largest economy’s most indebted property developer, have plunged as much as 14 percent when they resumed trading on the Hong Kong Stock Exchange following a two-week suspension. Evergrande said on Wednesday it had scrapped a deal to sell a 50.1 percent stake in Evergrande Property Services Group to Hopson Development Holdings, a Hong …

Trading of China's Evergrande shares in Hong Kong suspended
3 years, 5 months ago

Trading of China's Evergrande shares in Hong Kong suspended

The Hindu  

Shares in troubled real estate developer China’s Evergrande Group and its property management unit Evergrande Property Services were suspended from trading on October 4 in Hong Kong. Cailian, a Chinese online news service affiliated with the state-run newspaper Securities Times, said another developer, Hopson Development Holdings, was planning to acquire a majority share in Evergrande Property Services Group. Trading in …

Evergrande could be about to sell property management unit in scramble to raise cash
3 years, 5 months ago

Evergrande could be about to sell property management unit in scramble to raise cash

CNN  

Hong Kong CNN Business — Shares in Evergrande were suspended Monday amid reports that a rival Chinese real estate developer was preparing to buy its property management business — a move that could inject much needed cash into the ailing conglomerate. Cailian News, a Chinese state-run financial news outlet, reported Monday that Hopson Development was planning to assume control of …

As Evergrande stock sinks, Chinese conglomerate puts on a brave face but will Beijing bail it out?
3 years, 6 months ago

As Evergrande stock sinks, Chinese conglomerate puts on a brave face but will Beijing bail it out?

CNN  

Hong Kong CNN Business — Evergrande’s chairman promised his employees Tuesday that they will “walk out of the darkness” caused by the embattled Chinese conglomerate’s historic debt crisis. “I am convinced that through the joint efforts and hard work of leaders and employees at all levels, Evergrande will surely walk out of thedarkness as soon as possible,” he wrote.Xu added …

As China’s property giant Evergrande veers toward collapse, its unpaid debts spark protests
3 years, 6 months ago

As China’s property giant Evergrande veers toward collapse, its unpaid debts spark protests

LA Times  

This aerial photo taken Friday shows the Evergrande Cultural Tourism City, a mixed-used residential-retail-entertainment development, in Suzhou city in China’s Jiangsu province. They came from all over the country, dragging cheap suitcases and clutching file folders filled with records, chanting in front of the glassy skyscraper: “Evergrande, pay up!” They were the owners of small lighting and plumbing and construction …

What could an Evergrande debt default mean for China and beyond?
3 years, 6 months ago

What could an Evergrande debt default mean for China and beyond?

Al Jazeera  

The central question is whether China’s authorities plan to allow Evergrande’s creditors to suffer major losses or whether the country’s communist government, which prizes stability and control, plans to intervene in some way. The central question is whether Chinese authorities plan to allow Evergrande’s creditors to suffer major losses or whether the country’s communist government, which prizes stability and control, …

Evergrande reveals big property deals
9 years, 3 months ago

Evergrande reveals big property deals

China Daily  

The booth of Evergrande Real Estate Group Ltd at a property expo in Guangzhou, capital of Guangdong province. Mainland realty giant takes over four projects from subsidiary of Hong Kong's New World Development Evergrande Real Estate Group Ltd has revealed what it claims to be the Chinese mainland's largest ever single real estate acquisition, after agreeing to take over $2.1 …

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