https://www.cnn.com/2024/01/29...-intl-hnk/index.html


Evergrande Group, the world’s most indebted property developer, was ordered to be liquidated by a Hong Kong court on Monday, according to Chinese media.

The wind-up order comes after the embattled Chinese real estate giant and its overseas creditors failed to reach an agreement on how to restructure the company’s massive debt. The court will hold another hearing in the afternoon “for regulating order,” according to the court’s website, which could lead to the appointment of a liquidator for Evergrande.

The Shenzhen-based developer has become a poster child of China’s property crisis since 2021, with total liabilities of over $328 billion at the end of June last year. Last September, its founder and chairman Xu Jiayin was suspected of “crimes” and detained by the police.

Previously China’s second biggest real estate company, Evergrande defaulted on its financial obligations to creditors at the end of 2021, igniting a crisis in the property sector that continues to weigh on the wider economy.

A former Chinese official said last year that China has enough vacant properties to house more than its entire population of 1.4 billion.

Ha!

Screw a bunch of commie bastids!

I have been investing in Solyndra. I'll be laughing all the way to the Bank of America, you poor sons a bitches!

quote:

Originally posted by sigmonkey:
Ha!

Screw a bunch of commie bastids!

I have been investing in Solyndra. I'll be laughing all the way to the Bank of America, you poor sons a bitches!

Unfortunatly they suckered in foregin investors and going to hurt us all. I dont know but, how much BOA and Blackrock, Statestreet, Brekshire own of it? Where is your pension funds? May be too soon to gloat.

tongue, meet cheek.

quote:

Originally posted by sigmonkey:
tongue, meet cheek.

got it, the Soylindra was the clue, but made some Politicians some serious cash on the taxpayer dime before the bankrupcy (rinse repeat)

[/QUOTE]Unfortunatly they suckered in foregin investors and going to hurt us all. I dont know but, how much BOA and Blackrock, Statestreet, Brekshire own of it? Where is your pension funds? May be too soon to gloat.[/QUOTE]


I strongly suspect this, unfortunately.

quote:

Originally posted by sdy:
https://www.cnn.com/2024/01/29...-intl-hnk/index.html


E
A former Chinese official said last year that China has enough vacant properties to house more than its entire population of 1.4 billion.

Been following the whole Evergrande thing for a few years. If the above quote is even close to being right I find it stunning. Kind of have a hard time even getting my head around it.

We should watch this to see how it ripples through the Chinese economy and banking system. What other companies may it take down when something that big happens?
This is more than just the investors in that one company.
This could easily spread well outside the Chinese economy.

_________________________________________

"A former Chinese official said last year that China has enough vacant properties to house more than its entire population of 1.4 billion."

Waiting for the liberals here to say;
Sounds like an opportunity for them to cure their affordable housing problem.

Something is amiss in China. They have all these ghost cities they built and their population is declining not growing. May be their military will use as practice cities. This won’t end well.

It's a money laundering scheme, they built millions of apartments, entire cities they knew would never have people. Hedge funds and mutuals, Citadel, Blackrock, Charles Schwab, Hancock and others, have been using Evengrande as "funds" / collateral to short quite a few companies. The ramifications of this liquidation will be felt worldwide.

One issue is now that Citadel can't "use" their Evergrande portfolio as collateral, for their short positions, the margin call, if SEC rules are followed, just on Gamestop and AMC will destroy our stockmarket. The outstanding fake shares of AMC are estimated at over 23M.

Countries around the world are passing regs to stop hedgefunds from shorting companies. The US banned it in 2008 yet it is happening on a huge scale in the US because the SEC turns a blind eye.

There are 249M outstanding shares of AMC and the stock literally trades 10% of the total volume everyday. I call BS on that.