From Investing.com:

The Hong Kong court ordered the liquidation of China Evergrande Group, the world’s most indebted real estate developer, amid an unprecedented liquidity crisis in China’s property sector. The crisis, revealed in 2021, triggered defaults on offshore debt obligations, plunging property sales, and a net loss of 476 billion yuan in 2021, resulting in Evergrande’s liquidation order from the Hong Kong court on Jan. 29, 2024. The company’s market value dropped 79% when trading in its shares resumed after 17 months.

The company’s debt crisis began in August 2021, when many of its projects across the country halted construction due to overdue payments. Evergrande missed two offshore bond coupon payments totaling $131 million in September 2021, leading to engagement of financial advisers to examine options, and warnings of cross-default risks amid plunging property sales. The debt crisis continued and escalated over the next couple of years.

The crisis led to the suspension of trading in Evergrande’s shares in March 2022, the seizure of Evergrande’s chairman’s mansion in Hong Kong’s prestigious The Peak residential enclave in November 2022, and Evergrande’s announcement of resumption of work on pre-sold and undelivered projects in December 2022. The crisis culminated in a liquidation order issued on January 29, 2024, by a Hong Kong court.



Read more: Worsening crisis at Evergrande, world’s most indebted developer By Reuters