China Evergrande Group (HKSE: 3333)
In a blow to China’s financial markets, China Evergrande Group was ordered by a Hong Kong court to liquidate. The beleaguered property developer is saddled with more than US$300 billion of total liabilities and is the world’s most indebted developer. Evergrande had been unable to offer a viable restructuring plan despite delays lasting several months along with court hearings. Despite the ruling, CEO Siu Shawn has assured that the company will ensure home-building projects are delivered. According to him, the liquidation order does not affect the operations of Evergrande’s onshore and offshore units. All eyes will focus on the liquidation process which is expected to be complicated, especially when it comes to the treatment of foreign creditors. As a recap, Evergrande defaulted on its debt back in 2021 when it had around US$240 billion of assets....Welcome to this week’s edition of top stock market highlights.
