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☆ Beijing is unlikely to rescue Evergrande's offshore creditors because it could make things worse at home
  + stars: | 2024-01-30 | by ( Huileng Tan | ) www.businessinsider.com   time to read: +5 min
Read previewOn Monday, Chinese real-estate giant Evergrande was ordered by a Hong Kong court to liquidate after two years in a debt crisis. The court has appointed Alvarez and Marsal as liquidator to manage the company, Evergrande said in a filing to the Hong Kong Stock Exchange. So, protecting Evergrande's offshore investors probably isn't in Beijing's favor, because it could spur further speculation in the market, Møller added. Offshore creditors are owed $25 billion, the Hong Kong court document showed, per CNN. This is because liquidators appointed by Hong Kong's courts are unlikely to have much power over Evergrande's mainland assets, Hong added.
Persons: —, Evergrande, Alvarez, Marsal, Emil Møller, Møller, there's, Xi Jinping's, Fern Wang, Wang, Hao Hong, liquidators, Hong, Siu Shawn Organizations: Service, Business, Hong Kong Stock Exchange, Steno Research, Lombard, KT Capital Group, CNN, Grow Investment, China Evergrande Group, Reuters, Century Business Herald, Hengda Real Locations: Hong Kong, Beijing, China, Denmark, Beijing's, homebuyers, Swiss, People's Republic of China, Hengda
☆ There may be little to recover in the $300 billion Evergrande debt saga
  + stars: | 2024-01-29 | by ( Huileng Tan | Nidhi Pandurangi | ) www.businessinsider.com   time to read: +5 min
Read previewChina Evergrande — the world's most indebted property developer — received a liquidation order from a Hong Kong court on Monday, but there may be little left to recover, said experts. Hong Kong-listed China Evergrande Group's stock price plunged 21% before the court hearing. But several experts BI spoke to prior to Monday's court order said Evergrande's liquidation will be challenging. AdvertisementIt's bad news for creditors, Mat Ng, the managing director at Grant Thornton, a professional services firm that specializes in restructuring, told BI. Despite the complications that could come with Evergrande's liquidation, there may be some upside in the longer run.
Persons: —, Evergrande, Liquidators, Linda Chan, Chan, Siu Shawn, Mat Ng, Grant Thornton, Ng, That's, John Bringardner, Bringardner, Daniel Margulies, Margulies, Andrew Collier Organizations: Service, Business, Evergrande, Reuters, Trading, Securities Times, Deloitte, Investors, Orient Capital Research Locations: China, Hong Kong, Evergrande, Asia
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