China's largest developer ordered to liquidate

Friday 2 Feb 2024

 
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.

The liquidation could have severe consequences for the world's second- largest economy, as the Chinese property sector continues to struggle to recover from the pandemic and Beijing grapples with an underperforming economy.

A sharp slowdown in the Chinese property sector — which accounts for about 30% of China's economic growth — could also have damaging consequences for Australia. 

Evergrande currently has debts of over A$498 billion and this action has been widely anticipated by the market.

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Source: ABC


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