China loves to flaunt being the largest in everything except when it comes to real estate indebtedness
A Hong Kong court’s order to liquidate China Evergrande, the world’s most heavily indebted real estate developer, is only a tentative step toward resolving a debt crisis that is haunting financial markets and dragging on the Chinese economy. Evergrande owes $340 billion to its creditors. Experts said it was unclear if the January order would be enforced in mainland China, where the company and 90% of its assets are based. Lenders inside of China already have claims on most of those “onshore” assets, and Beijing is likely to favor them. The order by the Hong Kong High Court also...
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