Tracks China's property crisis from Evergrande's 2021 liquidity crunch and default through unfinished housing and mortgage boycotts, Country Garden's debt crisis, Evergrande's liquidation and delisting, government rescue measures, and the 2026 reform of the housing presale system.
9 events · 9 sources · Updated 16 days ago
BBC News report on the Hong Kong court's liquidation order for Evergrande and its implications for China's property crisis
Hong Kong's High Court ordered Evergrande into liquidation after the developer, with more than $300 billion in liabilities, failed to present a concrete restructuring plan.
China allowed local governments to direct state-owned firms to buy some completed unsold homes for affordable housing and created a 300 billion yuan central-bank relending facility to support the programme.
After remaining suspended following its liquidation order, Evergrande failed to resume share trading and was delisted from the Hong Kong Stock Exchange.
A Chinese court sentenced Evergrande founder Hui Ka Yan to life imprisonment on charges including misuse of funds, fraud and bribery, and ordered all of his personal property confiscated.
China introduced guidelines requiring mortgages to be issued only after housing projects are completed and promoting sales of finished homes, targeting delivery risks associated with the longstanding presale model.