Evergrande Liquidation Ordered by Hong Kong Court

Complex process expected due to distinct legal systems, CEO pledges to maintain normal operations

Hong Kong court orders the liquidation of Evergrande, the world's most indebted property developer, raising questions about the impact on investors, workers, and homebuyers.
The liquidation process is expected to be complex and lengthy due to the distinct legal systems of Hong Kong and mainland China, where most of Evergrande's assets are located.
Evergrande's CEO, Xiao En, pledges to maintain normal operations and cooperate with the liquidator, stating that the liquidation order does not affect the operations of subsidiaries that are independent legal entities.
Despite its financial troubles, Evergrande has continued to build and sell apartments in mainland China, completing and delivering a total of 421,000 homes over a 14-month period by February 2023.
The Chinese government has taken a leading role in guiding Evergrande through a restructuring process, prioritizing the completion of unfinished homes and issuing special loans for this purpose.