{"id":614277,"date":"2024-01-30T00:00:00","date_gmt":"2024-01-30T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/30\/hong-kong-court-calls-for-the-liquidation-of-evergrande\/"},"modified":"2024-01-30T00:00:00","modified_gmt":"2024-01-30T00:00:00","slug":"hong-kong-court-calls-for-the-liquidation-of-evergrande","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/30\/hong-kong-court-calls-for-the-liquidation-of-evergrande\/","title":{"rendered":"Hong Kong court calls for the liquidation of Evergrande"},"content":{"rendered":"

China\u2019s Evergrande ordered to liquidate: <\/strong>A Hong Kong court ordered the liquidation of China\u2019s second largest property developer China Evergrande Group, with more than USD 300 bn in liabilities, after the group failed to restructure following offshore debt defaults and more than two years in court. (Reuters<\/a> | Bloomberg<\/a> | FT<\/a>)<\/p>\n

It remains unclear what will happen next:<\/strong> The legal reach of Hong Kong\u2019s ruling will be tested as most of Evergrande\u2019s assets lie in mainland China, making them harder for liquidators to seize. \u201cThe liquidators will have very limited powers of enforcement over onshore assets in mainland China if they cannot get such recognition,\u201d global law firm Ashurst\u2019s Lance Jiang told Bloomberg<\/a>.<\/p>\n

China\u2019s property market is in pretty rough shape <\/strong>after the country\u2019s largest real estate developer Country Garden defaulted on a USD 15.4 mn bond payment<\/a> in October. <\/p>\n

Market reax: <\/strong>The Hong Kong Exchange halted trading in shares of Evergrande and its subsidiaries China Evergrande New Energy Vehicle Group and Evergrande Property Services. <\/p>\n

Dive deeper: <\/strong>Bloomberg<\/a> is out with a piece looking into the company\u2019s history and China\u2019s struggling property sector. <\/p>\n

<\/a><\/a> <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30 <\/strong><\/p>\n<\/td>\n

\n

29,228<\/p>\n<\/td>\n

\n

+2.1% (YTD: +17.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 30.83<\/p>\n<\/td>\n

\n

Sell 30.96<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD at CIB<\/strong><\/p>\n<\/td>\n

\n

Buy 30.85<\/p>\n<\/td>\n

\n

Sell 30.95<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates CBE<\/strong><\/p>\n<\/td>\n

\n

19.25% deposit<\/p>\n<\/td>\n

\n

20.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

12,253<\/p>\n<\/td>\n

\n

+0.1% (YTD: +2.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

9,551<\/p>\n<\/td>\n

\n

-0.2% (YTD: -0.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

4,171<\/p>\n<\/td>\n

\n

+0.2% (YTD: +2.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

4,928<\/p>\n<\/td>\n

\n

+0.8% (YTD: +3.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

7,633<\/p>\n<\/td>\n

\n

0.0% (YTD: -1.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

4,639<\/p>\n<\/td>\n

\n

+0.1% (YTD: +2.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 82.40<\/p>\n<\/td>\n

\n

-1.4%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n

\n

USD 2.49<\/p>\n<\/td>\n

\n

-8.2%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 2,045<\/p>\n<\/td>\n

\n

+0.4%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 43,161<\/p>\n<\/td>\n

\n

+3.4% (YTD: +2.1%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/strong><\/p>\n

The EGX30 rose 2.1% at yesterday\u2019s close<\/strong> on turnover of EGP 7.1 bn (117.4% above the 90-day average). Foreign investors were net buyers. The index is up 17.4% YTD.<\/p>\n

In the green: <\/strong>CIB (+8.5%), B Investments (+7.7%) and Abu Qir Fertilizers (+7.1%).<\/p>\n

In the red: <\/strong>Alexandria Containers and Cargo Handling (-5.1%), Ezz Steel (-4.5%), and Credit Agricole (-3.8%).<\/p>\n

Asian markets are largely in the green this morning in early trading<\/strong>, but shares in Hong Kong slid 2.5% at the opening bell as investors digested the liquidation of Evergrande, changes to make it more difficult to short some stocks, and the failure of Beijing to deliver a bailout package some had expected last week. <\/p>\n

Looking to Europe: <\/strong>You can expect major indexes to open in the green, but the picture is mixed in New York. Futures suggest the S&P will come under pressure at the opening bell after hitting another record high, while the Nasdaq will be in the green. <\/p>\n","protected":false},"excerpt":{"rendered":"

Evergrande failed to restructure following offshore debt results and more than two years in court<\/p>\n","protected":false},"author":1,"featured_media":614278,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[116,72,216,119,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-614277","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-china","tag-enterpriseam","tag-evergrande","tag-financial-markets","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"f6aebd11-0b16-4f0a-809e-e588163a8434","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/1\/2480.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Hong Kong court calls for the liquidation of Evergrande","related_issue":[614257],"teaser":"Evergrande failed to restructure following offshore debt results and more than two years in court","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/1\/.7eba8f54-cf4e-4680-abc1-a22007173fc3.mp3"},"yoast_head":"\nHong Kong court calls for the liquidation of Evergrande - 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