The sell-off slashed its market value from a peak of over US$50 billion in 2017 to less than US$600 million.
Evergrande’s cash holdings plummeted from US$2 billion to US$556 million last year, illustrating the property giant’s declining liquidity.
Once China’s largest real estate firm, Evergrande defaulted in 2021 and is saddled with more than US$300 billion in liabilities, becoming a symbol of the nationwide property crisis that many fear could spill over globally. China’s property market “cooled down significantly” in the first six months of the year and saw new defaults in the sector, “further exacerbating the volatility in the market”, Evergrande said.
Its earnings for 2021 and 2022 were published last month, showing a net loss of more than US$113 billion over the two-year period. The meetings will take place between Sept 25 and 26, which the developer said was “in line” with the timetable creditors expected.
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