🔥$300M liquidated from Evergrande - Crypto market fall?🤷

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BRICS: Chinese real estate company will liquidate $300 billion in assets.

A Hong Kong court on Monday ordered Evergrande, the largest real estate developer in BRICS member China, to liquidate $300 billion in assets. The real estate giant #Evergrande was unable to offer a concrete restructuring plan and became the most indebted real estate developer in the world. Evergrande did not present restructuring plans despite months of delays in several court hearings.

However, Judge Linda Chan ordered the liquidation of more than $300 billion in liabilities after observing Evergrande's failures in restructuring plans. “It is time for the court to say enough is enough,” Judge Chan said during her final judicial verdict.

Evergrande's commercial operations will now make it more difficult to focus on its revival. "It is not the end but the beginning of the protracted liquidation process, which will make Evergrande's daily operations even more difficult," said Gary Ng, senior economist at Natixis.

Read also: The expansion of #BRICS is a threat to the #swift payment system and the US dollar

"As most of Evergrande's assets are in mainland China, there are uncertainties about how creditors can seize the assets and the payment range of offshore bondholders, and the situation may be even worse for shareholders," he said. to Reuters.

BRICS country China's economy is not in good shape in 2024 as major business giants face bankruptcy. The Chinese yuan, along with the economy, is going downhill and growth remains stagnant for three years.

This puts the BRICS in a situation where China was leading de-dollarization efforts around the world.

We will see if it affects the #Criptomonedas market this week.

Source: WatcherGuru