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Restructuring experts from Alvarez & Marsal will rely on China connections and a track record of complicated corporate overhauls as they try to engineer an outcome for property giant Evergrande that will involve creditors, authorities and home buyers. Tiffany Wong and Eddie Middleton, both managing directors at A&M, were appointed by a Hong Kong court last month after a liquidation petition was approved following about 18 months of talks with China Evergrande Group's offshore creditors. Evergrande, founded in 1996 by Hui Ka Yan, grew to become the poster child of China's property boom in the first two decades of the 2000s.
SYDNEY (Reuters) -For Australia, China has become the Golden Goose that's always about to stop laying. For more than three decades now, barely a year has passed where a China crisis was not just around the corner, certain to shut down the rivers of gold flowing into Australia's trade coffers. The latest scares have come in the form of a collapse in China's stock markets and a failure of developer China Evergrande and what it might mean for the property sector, a backbone of China's economy.
The liquidation of Evergrande, a debt-ridden Chinese property giant, has raised concerns about China's economic stability, potential lending crunch, and its impact on global metal markets and suppliers.