There is zero indication of a turn in Chiense property:
Zero prospect of funding for developers:
Evergrande is still paving the road to hell:
Two years after its default marked a key moment in China’s property crisis, the world’s most indebted developer may be heading for another bleak milestone: liquidation.
China Evergrande Group faces a Hong Kong court hearing on Monday over a creditor request to wind up the company, a lawsuit that’s lingered for about 18 months. The developer must convince the judge that it has a concrete debt restructuring plan. Failure to do so will likely mean liquidation, leading to more chaos in its operations and further denting sentiment in the housing market.
“If Evergrande fails to deliver an improved restructuring plan that meets the demands of the ad hoc group of creditors, the Hong Kong court is very likely to grant a winding-up order against the company,” said Lance Jiang, a partner at law firm Ashurst LLP.
The big question is will any liquidation be recognised on the Mainland. It would clearly accelerate the shakeout. Creditors are not going to finish projects. They are going to dump them on the market.
It was the original Evergrande freeze that crashed iron ore as a material number of building projects stopped in their tracks.
The steel market is still shite and any second-round Evergrande freeze would not help it!
