The investigations and detentions of current and former top executives of China Evergrande Group, formerly the biggest Chinese property developer by sales, signal that the Chinese government will exert more control of China’s troubled property market, industry observers suggest. They warn that foreign holders of Evergrande’s shares and bonds will be last in line to receive repayment, if any.
Evergrande’s liabilities totalled RMB2.39 trillion $327 billion in the first half of 2023, the Hong Kong-listed firm disclosed in its most recent interim report. As of August 31, the unpaid debts due from Hengda Real Estate Group the principal subsidiary through which Evergrande operates the bulk...
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