I have gone & looked at the actual HK court records as the news items are not very clear what was wound up ? Looks like it is the holding company which is registered in the Cayman islands & with the stock ticker 3333 on the HK exchange.
4. The Company is an investment holding company and the ultimate investment holding company of a group of companies known as Evergrande Real Estate Group (“Group”), which was founded by Mr Hui Ka Yan (“Mr Hui”) in 1996 with its headquarters in Guangzhou. The Company is one of the main offshore financing platforms for the Group which raised capital offshore (i.e. outside the Mainland) to support the subsidiaries’ business in the form of capital investment and shareholder’s loans.5. The Group engages in property development business with over 90% of its assets located in the Mainland. The majority of the Group’s operations are conducted through the Company’s indirect onshore subsidiaries (i.e. subsidiaries established in the Mainland). In addition, the Company has direct and indirect subsidiaries incorporated in Hong Kong, the Cayman Islands, the British Virgin Islands and Bermuda[4].
The court order 49. I do not see any proper ground for the court to grant a further adjournment of the Petition, which has been ongoing for over 19 months. The Company has not demonstrated that there is any useful purpose for the court to adjourn the Petition - there is no restructuring proposal, let alone a viable proposal which has the support of the requisite majorities of the creditors. To the contrary, it seems to me that the interests of the creditors will be better protected if the Company is wound up by the court, so that independent liquidators can take control over the Company, secure and preserve its assets and review and formulate a restructuring proposal if they consider that such course is appropriate. It is not uncommon for a company to put forward and implement a scheme of arrangement after it is wound up by the court. Indeed, in respect of the Company, this has the additional advantage of putting the Company out of the control of Mr Hui, which had hitherto been one of the regulatory hurdles preventing the Company from issuing new debt instruments or new shares. (Linda Chan)Judge of the Court of First InstanceHigh Court
So now upto the liquidator to sell off what ever assets they can find & pay off the creditors. Will probably take a few years & millions of dollars in legal & liquidator fees before any funds are returned.
(20min delay)