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China Evergrande Group was ordered to liquidate by the Hong Kong High Court on January 29, 2024, after nearly two years of court proceedings. Although it can still appeal the decision, the world’s most indebted property developer will be forced to reckon with creditors, unpaid workers and construction for some 800 unfinished projects in over 200 cities across China. What was behind the rise and fall of a company that nearly dominated the nation’s real estate industry for decades before it came crashing down?
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China Evergrande Group was ordered to liquidate by the Hong Kong High Court on January 29, 2024, after nearly two years of court proceedings. Although it can still appeal the decision, the world’s most indebted property developer will be forced to reckon with creditors, unpaid workers and construction for some 800 unfinished projects in over 200 cities across China. What was behind the rise and fall of a company that nearly dominated the nation’s real estate industry for decades before it came crashing down?
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#scmp #SCMPExplains #Evergrandecrisis
