China’s crackdown on Evergrande is accelerating as courts approve its mainland unit’s bankruptcy, following the life sentence of founder Hui Ka Yan and his sons—marking a grim but potentially decisive step in unwinding one of the world’s largest corporate collapses. Once seen as too big to fail, Evergrande defaulted on hundreds of billions in debt after years of financial fraud, leaving creditors with slim recovery hopes. Legal hurdles between Hong Kong and mainland systems slow asset recovery, while a sluggish housing market and broader economic woes continue to weigh on China’s real estate sector. The liquidation may take years—but the verdicts signal that no one, not even giants, are safe from China’s tightening financial reins.
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