this post was submitted on 03 Feb 2024
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A Hong Kong court ordered the liquidation of China Evergrande, the world's most indebted property developer.

Evergrande has assets of about $245 billion, but owes about $300 billion.

Its demise is a "controlled collapse," but still raises systemic risk and will hurt investors, says an analyst.

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[–] [email protected] 64 points 9 months ago (6 children)

Does it hurt anyone other than investors? Because I could not possibly care less about investors.

[–] [email protected] 30 points 9 months ago (1 children)

That's the problem with investors, if they're not making more money than last year they find a way to fuck the rest of us. Either they pressure companies to lay off workers, they pressure the government to cut taxes, lower pesky labour and environmental regulations, or just handover cash in the form of a subsidy or bailout.

Either way they get our money somehow and enshittify our lives. If there's no hell we'll need to invent a special kind of justice for these people.

[–] [email protected] 10 points 9 months ago

Probably won't hurt the investors, they'll get paid. But all the individual contractors who worked for the company are very unlikely to actually see payment.

[–] [email protected] 5 points 9 months ago

The company owes $300B on $245B of assets. Unsecured creditors are among the last on the list to be paid back, and at least some of those are contractors who did work for the company and haven't been paid yet.

[–] [email protected] 3 points 9 months ago

Hurts the customers, like lower-middle class people that put their life savings down to buy a home and never got one.

[–] [email protected] 0 points 9 months ago

I care a lot about what happens to them. I hope there is a hell just so they can burn in it.

[–] [email protected] -1 points 9 months ago

"investors" in this case include middle class Chinese citizens, I think that's worth caring about