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China Evergrande: The Beginning Of The End?

REAL ESTATE

China Evergrande (3333 HK) appears to be coming to a close.

  • HK court ordered the company into liquidation early this morning - equity now suspended in Asian trading.
  • Credit has been trading at <4 cents on the dollar since Oct-23 so few surprises.
  • At least this begins the potential for something approaching an orderly workout in China CRE, especially in light of last week's central stimulus moves from Beijing, which obviouly has ramifications across global credit.

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