Liquidators of China Evergrande Group – the world’s most indebted property developer – said on Tuesday they have sold about $255 million of its assets.
After a year and a half of China’s largest debt liquidation process, the liquidators said in a filing that they have taken control of more than 100 of the company’s subsidiaries, while receiving creditor claims totalling $45 billion – much higher than liabilities of $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.