Evergrande's liquidation has attracted widespread attention, and the identity of the individual responsible for the liquidation has attracted much attention.
The fact that the liquidator was unusual, having been involved in the Stanley Ho family dispute, undoubtedly added to the mystery of the whole affair.
The Stanley Ho family has long been a legend in China's business scene, and the liquidator's confrontation with his family raises questions about whether there is more to it behind it.
At the moment when China Evergrande is facing a winding-up order issued by the Hong Kong court, the person in charge of its liquidation has now surfaced, and she is none other than Wong Wing-sze of Ammann's consultant***.
As Managing Director of Ammann Consultants, Wong is in the spotlight for her extensive experience.
Previously, she acted as liquidator for Genting Hong Kong, Pak Fields Petroleum, Crown Global Group and others, providing excellent solutions to the challenges faced by the business.
Her resume is not just a simple work experience, but also a deep insight into the complex economic environment and an efficient way to deal with crises.
Ammann Advisors, a private professional services firm, specialises in corporate advisory, business performance improvement, and restructuring, turnaround and insolvency services.
At present, Huang Yongshi has publicly stated that she will meet with Evergrande's management to reach a consensus to protect the value of Evergrande's assets to the greatest extent, so as to reduce the losses of more creditors.
It is worth noting that she made it clear that the restructuring only involves China Evergrande's listed company and will not have any impact on its subsidiaries in the mainland.
Wong's wording is deliberate, and the implication is that it will not have a negative impact on the delivery companies in the Mainland.
At a tense time when China Evergrande was being liquidated by the Hong Kong courts, the focus of general public concern was mainly on whether it would have an impact on the delivery of properties in the Mainland.
This is not unreasonable, after all, Evergrande still has hundreds of thousands of properties that have not yet been delivered, and many of them are dedicated owners, who may have spent their life savings in order to have a warm home of their own.
Therefore, if these properties are not delivered on time, decades of hard work of these owners will be wasted.
Many may be perplexed by the liquidation of China Evergrande, which is unusually large and complex to resolve.
Initially, Xu Jiayin controlled Hong Kong-listed China Evergrande by setting up offshore companies overseas, holding shares in those companies.
Subsequently, China Evergrande set up an operating entity in China, forming a complex and close relationship.
The liquidation involved a Hong Kong-listed company of China Evergrande, and there was no precedent for a cross-regional collaboration between a Mainland court and a Hong Kong court in the execution of a liquidation, so it is foreseeable that Evergrande's case may not involve its subsidiaries in China.
However, the relevant authorities of the two places will actively cooperate to jointly deal with the current problems faced by China Evergrande. It is important to note that the liquidation in Hong Kong was mainly due to the US debt problem, which added a layer of complexity to the whole situation.
Evergrande Group is facing a serious insolvency dilemma due to its long-term failure to complete debt restructuring and its debts far exceeding its assets.
Against this backdrop, Evergrande has repeatedly applied for postponement of hearings in an attempt to find more time to resolve its financial difficulties.
However, due to the delay in demonstrating a definite restructuring plan and solvency, the Hong Kong court finally made a winding-up decision, forcing Evergrande to go into liquidation proceedings.
For owners who have not yet acquired Evergrande real estate, there is no need to be too nervous at present.
According to domestic regulations, even if Evergrande's main company in the mainland goes bankrupt and goes into liquidation, it does not mean that the owners will lose the right to acquire real estate.
If Evergrande's mainland entities fall into bankruptcy and liquidation, the debt repayment priority of the owners will be the highest, higher than that of the first commercial and financial institutions.
Up to now, the overall debt scale of China Evergrande Group has been as high as 2$3 trillion, of which about $19 billion is debt in dollars.
At the same time, the group's total assets are only 17 trillion dollars. This unequal balance of liabilities and assets makes Evergrande face severe economic challenges.
One of the most direct effects of this is this1$7 trillion in assets will be auctioned, and the proceeds will be used to pay off the huge debt accumulated by the group.
The next task is to deal with the problem of ensuring the delivery of the building. Up to now, Evergrande's contract liabilities have reached more than 600 billion, which is equivalent to the purchase money that has been received in advance.
Taking into account the total assets up to 17 trillion, even if you get 850 billion at a 50% discount, it is enough to completely cover the contract payment of more than 600 billion.
In addition, despite the fact that the amount of contractual liabilities exceeds more than 600 billion, such a large amount of money is not needed to really solve the problem.
Since the land had already been purchased earlier, only subsequent construction payments were required. In this way, it may only take about 200 billion to solve this huge contract liability, reaching more than 600 billion.
Therefore, there is no need for owners to be overly concerned at this time. The relevant departments have been actively promoting the delivery of Evergrande's buildings, and at the same time, Xu Jiayin and others have also been **, and the authorities must be investigating the funds they embezzled.
Evergrande's ** businessmen belong to a group of people who suffer quite a lot, because they have to wait for the problem of guaranteed delivery before they can share the remaining funds. And after the first business is lined up are financial institutions, which is an unusual situation.
Financial institutions have not had the same easy access to capital as their counterparts in this crisis. Instead, they fully consider the potential risks in each business, spreading the cost of the unfinished project into the interest.
This explains why the interest rate on the US dollar bonds issued by Evergrande is so high, with some even exceeding 13% per annum. In fact, at that time, the market already had a clear understanding of Evergrande's risks.
This means that financial institutions have already calculated the corresponding risk costs in advance when facing Evergrande transactions, so that they cannot easily obtain funds.
However, Xu Jiayin gradually involved many ** businessmen in difficulties, and the cooperation with Evergrande made them unable to settle the accumulated arrears despite showing huge profits on their books.
This complicated situation caused them to be unable to pay other companies on time, and before Evergrande fell into crisis, many ** companies were already facing bankruptcy.
Overall, there are many unknown stories and development possibilities behind the identity of Evergrande's liquidators.
During this process, the public and investors need to stay on top of developments and impacts.
Whether it is for the liquidation process of Evergrande or for the future development of Baojialou and its subsidiaries, this is a topic of great concern and will affect the nerves of a wide range of followers.
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