China’s government is finally moving to shut down Evergrande, the colossal real estate giant that defaulted on $300 billion in debt. A Guangzhou court has accepted its bankruptcy, following the founder Hui Ka Yan’s life sentence for financial crimes and prison terms for his sons. While this signals a government effort to close the chapter, the process will take years — and recovery for the battered real estate market remains uncertain. Home prices have plummeted since 2021, demand lags supply in smaller cities, and economic slowdowns are squeezing consumers. Creditors face slim returns, as Hong Kong courts lack power over mainland assets. Now, authorities are seizing Hui’s personal fortune — once valued at $7.7 billion — and probing accounting firm PwC for enabling fraud through manipulated financial statements. Even with fines and payouts, creditors will likely recover only a fraction of what they’re owed.
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