Developers, home buyers and Western bankers all ignored warning signs, but not two accountants who went looking for “financial anomalies” and “shenanigans.”
Family members of Hui Ka-yan may be scrambling to move their money around to prevent it from being confiscated, a month after the property giant was ordered to wind up, according to analysts.
Under pilot scheme, Hong Kong liquidator can work with Shanghai, Shenzhen and Xiamen courts, potentially allowing international creditors access to some mainland China assets.
China Evergrande Group's defaulted offshore bonds are trading at just 1 cent on the dollar following a Hong Kong court order for the company's liquidation, highlighting the dangers of trying to bargain with the Communist Party.