BRICS: China's Real Estate Firm to Liquidate $300 Billion in Assets
BRICS member China’s largest real estate developer Evergrande has been ordered to liquidate $300 billion in assets by a Hong Kong court on Monday. The property giant Evergrande was unable to offer a concrete restructuring plan becoming the world’s most indebted real estate developer. Evergrande failed to provide restructuring plans despite months of delay in several court hearings. Also Read: BRICS: Morgan Stanley Predicts Future of the U.S. Dollar However, Justice Linda Chan ordered to liquidate more than $300 billion in liabilities after noting Evergrande’s lapses in restructuring plans. “It is time for the court to say enough is enough,” said Justice Chan during her final court verdict. Evergrande ’s business operations will now make it harder to focus on its revival. “It is not an end but the beginning of the prolonged process of liquidation, which will make Evergrande ’s daily operations even harder,” said Gary...