Evergrande’s Fall: China’s Property Giant Delisted After Debt Crisis
Evergrande, once the world’s most indebted property developer, amassed $300 billion in debt, leading to its downfall after Beijing implemented new borrowing restrictions in 2020. The company’s financial struggles worsened, resulting in defaults on overseas debts and a subsequent liquidation order from the Hong Kong High Court in January 2024, following years of legal battles. The company’s shares were delisted after a 99% loss in market value. Liquidators have revealed $45 billion in debts and limited asset sales. The focus has now shifted to the distribution of assets among creditors during the ongoing bankruptcy process.
John Q. Hosedrinker