Linda Chan, the judge of the Hong Kong High Court has now officially deferred today’s hearing of the China Evergrande Group. Now the hearing of China Evergrande Group is going to happen on 4th December 2023. This news has been recently announced. This news is one of the biggest shocking news which has been announced recently. Justice Chan has now officially given a warning that this is the final opportunity for the real estate company as it is in big trouble right now. Now to learn everything regarding this case read this article till the end without missing a single word.
According to the source, first, the earing of the China Evergrande Group was held for 30th October 2023, Monday in regards to possible winding-up of the business. And now the adjournment has allowed the developers to present the plans which are restricted as it avoids the potential liquidation. And now Justice Chan has said Evergrande to submit the concrete revised restricting proposal before the hearing. Justice notice has noticed that there is a chance that the liquidator is going to engage more in the negotiations with the credits so that they can commence the restructuring deal. Scroll down to learn more.
It has been informed that the winding-up lawsuit has now lingered in the Hong Kong court for approximately 17 months as they were facing a lot of delays. Chan is mostly recognized for her expertise in solving cases that are not solved. On 30th October 2023, Monday, the Evergrande shares pared losses since the morning session peaking to 8 % from 23%. Evergrande liquidation potential has been recorded with a total assets of $240 billion at the end of June 2023 which has sent big shockwaves in the capital market. There are some chances that there are some limited immediate effects on the ongoing operations of the company which also includes the home construction projects.
The bondholder of Evergrande has claimed that he does not think that anyone wanted to see it liquidated. And they do not have any better option than this which they can offer to Evergrande. So they are assuming that it would be wound upon. The debt load of Evergrande has exceeded $300 billion which also includes $19 billion in the bonds of the international market. There are some chances that the potential liquidation would introduce uncertainty in the Chinese property debt crisis because of that it will enter the fourth year because of the record defaults.