Jan 28, 2024 - Business
China's Evergrande ordered to liquidate, with debts of $300 billion
- Evergrande's fate could cause further distress in the Chinese property market amid a real estate sales slump and bleed into other economic areas — potentially negatively impacting global markets, per Axios' Kate Marino.
Driving the news: Evergrande reported over $300 billion in liabilities in a move that had global market repercussions.
- "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," Justice Linda Chan said in her winding-up order, per the South China Morning Post.
- "I think it is the time for the court to say enough is enough."
What's next: A liquidator will be appointed.
Go deeper: China's property market crisis, in one chart