Chinese property giant Evergrande delisted after fall
16 days ago
- #Evergrande
- #economic impact
- #China property crisis
- Evergrande, once China's largest real estate firm, was delisted from the Hong Kong stock market after its collapse due to massive debts.
- Founder Hui Ka Yan's fortune plummeted from $45bn in 2017 to less than $1bn, and he was fined $6.5m for financial misconduct.
- Evergrande's liquidation process is ongoing, with $45bn in debts and only $255m in assets sold so far.
- The property crisis has severely impacted China's economy, leading to layoffs, pay cuts, and reduced consumer spending.
- Beijing has introduced measures to revive the housing market and stimulate the economy, but growth has slowed to around 5%.
- Other developers like China South City Holdings and Country Garden are also facing financial troubles, indicating the crisis is not over.
- Experts predict China's property market may take years to recover, with no direct government bailouts expected.