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Hong Kong Bankruptcy Court Orders Chinese Property Giant Evergrande LIQUIDATED Reader 01/29/2024 (Mon) 14:49 Id: e4ca55 [Preview] No. 22013
Hong Kong Bankruptcy Court Orders Chinese Property Giant Evergrande LIQUIDATED + MY COMMENT

China's 2nd largest Real Estate Developer, EVERGRANDE, has been ordered forcibly liquidated by a Hong Kong Bankruptcy Court. This will likely trigger a CRASH and affect Global Markets like COVID-19 - maybe worse.

Evergrande still owes nearly $340 billion to creditors.

What is going to follow will be worth a huge bucket of Popcorn!

STEP 1 - Immediate Actions

1: The court appoints an official liquidator who takes control of the company.
2: Trading on Evergrande (3333.HK) stocks will be suspended again.
3: Evergrande bank accounts will be immediately frozen.

STEP 2 - Liquidation Process

1: The official liquidator will be required to certify all assets and liabilities of Evergrande.
2: Creditors will then submit their claims and they will be ranked based on their legal status. So far, 2 types of creditors have been identified, those belonging to Class A (senior dollar notes, Hong Kong dollar-denominated convertible bonds and one private loan) and those belonging to Class C (private loans, repurchase obligations and guarantees provided by the company).
3: The company liquidator then starts to sell all assets in an orderly manner and through all possible means available to maximize their value.
4: Employees of the company will all be terminated and their salaries and severances will have the highest repayment priority in the liquidation process.
5: Once all debts are settled and assets liquidated, the company is formally dissolved and removed from the Companies Register.

Personally speaking, now that the court ruled in favor of a liquidation, the effects of $300bn+ of debt going officially "POOF" will surely leave a bad scar on many banks' loan books across the world.


Reader 01/29/2024 (Mon) 14:50 Id: e4ca55 [Preview] No.22014 del
MY COMMENT: While this is horrible news for the company and perhaps for China temporarily, this is actually what should be happening to insolvent companies mired in corruption and fiscal irresponsibility around the globe! Bankruptcy, after all, IS a part of free market capitalism! Bankruptcy allows the market to naturally purge itself of ponzi schemes, insolvency, corruption and unproductive fraud. The only companies that should be in the market place should be solvent productive ones, ones who can easily pay back loans without governmental bailouts or intervention: something that openly defies the way capitalism is supposed to work! I just hope China realizes this and does not vow for irrational bailouts to prop up their fiscal insolvency and irresponsibility. If investors want fraud and debt insolvency let them pivot to the West as it will do them no better in the long run!

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