纽约时报中文网 - 英文原版-英China Evergrande Must Be Liquidated a Judge Said What Happens Next
January 30, 2024 2 min 387 words
这则报道揭示了法官对中国恒大的强硬立场，主张其必须进行清算。这一决定引发了业内广泛关注，凸显了中国房地产市场风险的加剧。恒大的巨额债务问题已经成为全球经济焦点，对中国金融体系带来了不小的冲击。法官的裁决将进一步检验中国政府在处理金融危机时的能力和决心。这也使投资者对中国房地产行业的信心受到挑战，可能对全球市场造成连锁反应。中国政府需要以更加果断的措施来化解这场危机，以确保金融体系的稳定和投资者的信任。报道提醒我们，监管和治理机制的完善是维护金融稳定的关键，而面对挑战，中国需要更加透明和坚决的行动。
After nearly two years of false starts, last-ditch proposals and pleas for more time, China Evergrande, an enormous developer, has been ordered to dismantle itself. It’s a big moment. Evergrande’s collapse in 2021 sent China’s housing market into a tailspin. The worries in real estate, where most households put their savings, helped tip the economy into a downturn.
The scale of Evergrande’s empire is vast: Its developments cover hundreds of cities. It controls dozens of business and is more than $300 billion in debt — a sum far greater than most believe its assets are worth. The company’s liquidation puts it in the same universe as Lehman Brothers, the U.S. bank that filed for bankruptcy in 2008 with $600 billion in debt.
The Evergrande bankruptcy will play out in Hong Kong and China. Courts in those two jurisdictions may determine the winners and losers among the company’s creditors. Ultimately, government officials in Beijing could get involved. The process will last years and is sure to be complicated.
What’s the latest?
A Hong Kong judge, Linda Chan, on Monday ordered Evergrande’s liquidation and appointed Alvarez & Marsal, a firm that specializes in bankruptcy cases, to manage the unwinding. The firm’s role will be to help creditors — particularly overseas investors who made loans to Evergrande — get some of their money back. Speaking to reporters outside the Hong Kong’s High Court, executives from Alvarez & Marsal said they will meet with the company to determine the next steps.
“Our priority is to see as much of the business retained, restructured or remain operational,” said Tiffany Wong, a managing director at the restructuring firm. She added that it would work with Evergrande’s executives to get creditors their money in a way that “minimizes disruption.”
Alvarez & Marsal will need the cooperation of Evergrande’s executives to figure out what assets remain and how to distribute them to creditors. If that doesn’t go smoothly, the firm can take its case to a mainland China court.
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