A Hong Kong court ordered the liquidation of China Evergrande, the world’s most indebted property developer.
Evergrande has assets of about $245 billion, but owes about $300 billion.
Its demise is a “controlled collapse,” but still raises systemic risk and will hurt investors, says an analyst.
Let’s see if China have a capitalism with American characteristics and is going to rescue the company with public money, or if they’re going with a more theorical one and left it going broke.
I think China has complete control of many of their companies so it’s a tad bit different than us.