No one will be surprised. On the morning of January 29, the judge of the Hong Kong High Court ruled on the spot that China Evergrande (03333HK) liquidation. In fact, as early as when Evergrande Group officially announced its default, many people reached this day. It is worth noting that the debts of the creditors who petition for winding-up are not high. On June 24, 2022, when Jiasheng Global filed a winding-up petition against China Evergrande in the High Court of Hong Kong, the amount of claims involved was only 8HK$62.5 billion. This is only a small part of Evergrande's overall overseas debt of more than $30 billion, and it is more than 2The tip of the iceberg of 39 trillion yuan of debt. 
The actual controller of Jiasheng Global is 30-year-old Lian Haomin, who is known to the public because he took the lead in firing at Evergrande. And when it comes to his father, it is the famous Lian Zhuozhao, known as the "King of Gambling on the High Seas". The petition was adjourned seven times before it came to an end. During this period, it was not without twists and turns. Some creditors have tried to find the possibility of overseas debt restructuring for various purposes, including some of them who tried to lick the blood from the knife and "swallow the elephant"; And Evergrande has also made some small moves (in the words of relevant people). But these are futile struggles. 
There is still a long process to go from the judge to the winding-up order and the final bankruptcy liquidation of China Evergrande. Don't say anything else,It will take a long, long time just to make sense of Heng's large and complex debts and assets. Only when debts and assets are clearly calculated can we reach the stage of repayment. And there is a priority for debt repayment. Buyers are generally ahead of financial institutions and bondholders. The Reply of the Supreme People's Court on the Protection of the Rights of Consumers of Commercial Housing, which will come into force on April 20, 2023, clearly states:Where a consumer of a commercial house purchases a house for the purpose of residence and has paid the full price, and claims that his right to claim for the delivery of the house has priority over the right to be repaid for the price of the construction project, the right to mortgage, and other creditor's rights, the people's court shall support it. But how much benefit can really be shared, it can only wait for the hard work of the liquidation team. It must be mentioned that China Evergrande is only one of the overseas listing platforms of Evergrande Group. The main operating body of Evergrande Group is in the mainland. Therefore, Shawn, executive president of Evergrande Group, said, "From the perspective of equity structure, even if the overseas entity is liquidated, for a period of time, Evergrande Group's main business in China will not be substantially affected. "This is, of course, trying to appease the buyers of the Grande Mansion. In fact, the liquidation of China Evergrande is likely to be out of reach of its real estate in the mainland. Why? Because,Most of Evergrande's sold properties under construction have been included in the list of guaranteed delivery buildings in various places, and the guaranteed delivery is a closed operation. Creditors can't take it. From this point of view, the buyers of the Evergrande building do not have to worry about this winding-up order, but only need to care about whether the funds for the delivery are in place and whether they are enough. 
As far as the company itself is concerned, Evergrande has long been officially determined to be "insolvent", and it is seriously insolvent and has lost the basis for restructuring. Therefore, neither the Hong Kong High Court ruled on the liquidation nor the Evergrande Group's operating entity in the mainland could be reborn. There is only one fate that awaits it, and that is bankruptcy. As for the final outcome, no one can guess, and there is no need to shout. The ** era of real estate is the ** era of a specific era, and the characters of the times, no matter how brilliant he once was, cannot resist the erosion of time.