[HONG KONG] Liquidators of China Evergrande Group said on Tuesday (Aug 12) they have sold about US$255 million of its assets 18 months into China’s largest debt liquidation process and taken control of more than 100 of the company’s subsidiaries.
They have received creditor claims totalling US$45 billion, the liquidators said in a filing, significantly higher than liabilities of US$27.5 billion in 2022 in the last disclosure.
The liquidation of the world’s most indebted property developer has proved challenging as the majority of Evergrande’s units and assets are onshore and many of them have been seized by creditors.
Given the scale and complexity of the company, Evergrande’s liquidation could take more than a decade to be…