The property developer failed to reach a restructuring deal with creditors over the weekend, more than two years after it defaulted on its debt of around US$300 billion. (The Wall Street Journal)
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The property developer failed to reach a restructuring deal with creditors over the weekend, more than two years after it defaulted on its debt of around US$300 billion. (The Wall Street Journal)
Talking point: China Evergrande Group’s collapse in 2021 sent the country’s real estate market spiralling and contributed to a broader economic downturn. Its liquidation is expected to be drawn out and messy. Alvarez & Marsal, the court-appointed firm leading the process, is tasked with keeping some of the business intact and helping return money to creditors. It’s unclear how foreign investors—which the company owes about US$25.4 billion—will fare in the wind up. A poor outcome for them could add to the growing trepidation about investing in the country.
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