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Evergrande, the massive Chinese real estate developer with $300 billion in debt, is ordered to liquidate by a Hong Kong court (www.businessinsider.com)

submitted 5 months ago by MicroWave to c/world

36 comments fedilink hide all child comments

A Hong Kong court on Monday ordered the liquidation of real-estate developer China Evergrande Group.
Evergrande is the world's most indebted developer with more than $300 billion of total liabilities.
It defaulted on its debt in 2021, sending China's struggling property sector into a tailspin.

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A Hong Kong court on Monday ordered the liquidation of China Evergrande Group, a move likely to send ripples through China's crumbling financial markets as policymakers scramble to contain the deepening crisis.

Evergrande, the world's most indebted developer with more than $300 billion of total liabilities, sent a struggling property sector into a tailspin when it defaulted on its debt in 2021.

That deepened a debt crisis in the sector and sparked many other company defaults in a damaging economic blow that to this day remains a drag on growth.

A liquidation ruling of the developer which has $240 billion of assets will likely jolt already fragile Chinese capital and property markets.

Beijing is now grappling with an underperforming economy, its worst property market in nine years and a stock market wallowing near five-year lows, so any fresh hit to markets could further undermine policymakers' efforts to rejuvenate growth.

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[–] [email protected] 32 points 5 months ago* (last edited 5 months ago) (2 children)

This graphic puts it into scale.

https://vividmaps.com/wp-content/uploads/2023/05/us-bank-failures.png

[–] [email protected] 8 points 5 months ago (1 children)

I'm surprised Lehman Brothers isn't there. Is that expected?

[–] lemming741 23 points 5 months ago* (last edited 5 months ago)

Lehman was an investment bank, not commercial or retail which seems to be what's in the infographic. Unadjusted, WaMu had $328B total assets in 2007. Lehman had $680B in 2008- more than double.