Earlier:
Confirmed now, the company will be wound up. Shares in Evergrande, Evergrande New Energy Vehicle, and Evergrande Property Services have been suspended in Hong Kong
Evergrande first defaulted on its financial obligations in 2021. This followed a Beijing clamp down on lending to property developers in an effort to cool a property bubble just about a year prior.
- a provisional liquidator and then an official liquidator will be appointed
- will take control and prepare to sell the developer's assets to repay its debts
- liquidators could propose a new debt restructuring plan to offshore creditors
