Bankruptcy protection in the us under chapter 15 which governs Foreign Companies in the us, protecting them from creditors that might want to sue them. You have probably heard of chapter 11. That typically governs American Companies but it is chapter 15. According to Court Filings these negotiations are ongoing in hong kong, canaanite and British Virgin islands. We have reached out to evergrande that have not had conversation. To those who have wondered if they have ever thought of evergrande before it is chinas huge property giant. They have about 1300 projects across 280 different cities in china and they invest in everything, not just property. They have an electric vehicle maker and a football club, but as i mentioned, 2021 was when we saw the Company Default on its debts, sending shockwaves across the Global Financial system and triggering a string of defaults from builders who owed money to evergrande or expected them to complete some contracts. We have seen 40 or the companies t
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like shareholdings and some other subsidiary companies, those assets are very readily accessible. the issue is that most of the company s assets are onshore in mainland china, they are land, properties the company had 1,200 projects at different stages of development as of 2022. but those assets are going to be tricky to access. in theory, hong kong and mainland have a 2021 arrangement for resolving insolvent companies like evergrande, but in practice what needs to happen is mainland courts will need to recognise this liquidation, but they also need co operation from local governments. i think it will be very tricky. this is just one stage in what is likely to be still quite prolonged process if the off shore creditors wish to get hold of ultimately money which comes from mainland property assets. let s talk to hong bo, professor of financial economics in the school of finance and management at london s soas university. the chinese government is unlikely to allow evergrande