stochasticEvergrande, once China's second-largest property company, to be delisted after bankruptcy judge concludes that the debt of 45B US$ is far larger than previous estimates, and a restructuring is out of reach.
The Chinese property market is already in deep trouble. Liquidating Evergrande via price discovery will lead to an industry-wide price reevaluation, possibly cratering already-low property valuations, the primary savings vehicle for millions of China's citizens.
Evergrande’s Debt Hits $45 Billion With Restructuring Ruled Out
China Evergrande Group’s debt load is far bigger than earlier estimated, amounting to HK$350 billion ($45 billion) as any “holistic” restructuring of the Chinese real estate firm is deemed out of reach, according to the developer’s court-appointed liquidators.