Evergrande's subsidiary has been ordered to be liquidated again. The judge stated that it is clearly insolvent
Evergrande's subsidiary Tianji Holdings has been ordered to be liquidated by the Hong Kong High Court, becoming the second Evergrande affiliate to be liquidated. The company's debts amount to 37 billion yuan, and the judge pointed out that it is obviously insolvent. Tianji Holdings is registered in multiple regions, has over 200 subsidiaries, and has guaranteed some dollar notes. Evergrande has been severely affected by the real estate crisis in China, and the liquidators are dealing with related structural issues
Evergrande's another subsidiary ordered to be liquidated with debts reaching 37 billion yuan
According to foreign media reports, a subsidiary of China Evergrande (3333), Tianji Holding, has been ordered to be liquidated by the High Court of Hong Kong. This is the second Evergrande subsidiary to be liquidated and represents the latest victory for the liquidators attempting to acquire assets from the world's most indebted developer. High Court Judge Chan Ching-fan stated in the ruling that Tianji Holding is clearly insolvent.
Total related debts reach 37 billion
Tianji Holding is registered in the British Virgin Islands, Hong Kong, and mainland China, with over 200 subsidiaries, and is a guarantor for some of China Evergrande's US dollar notes. According to the legal representative of Tianji, the total debts related to Tianji amount to approximately 37 billion yuan (about 5.1 billion USD).
Reports indicate that Evergrande has become the biggest victim in China's real estate crisis, with its court-approved liquidators still addressing the company's structural issues and legal matters concerning its jurisdiction in mainland China. Another Evergrande subsidiary, CEG Holdings, was ordered to be liquidated by the High Court last month, holding a 49% stake in Evergrande Properties (6666)
