London, May 6 (PTI) Cybercriminals are still struggling to make effective use of AI tools despite widespread experimentation since the launch of ChatGPT, according to a new peer-reviewed study analysing more than 100 million posts from underground cybercrime forums.London
In the early 1990s, Qatar was grappling with a period of economic strain - high debt levels and weak state revenues were weighing heavily on its finances. To try to transform its fortunes the small Gulf state made a decisive bet on natural gas. It would develop its vast offshore gas reserves
West Bengal Police seized a vehicle linked to the killing of Suvendu Adhikari's personal assistant near Madhyamgram. Live rounds and fired cartridges were found at the scene. The vehicle's number plate was reportedly fake. BJP leaders called the incident a targeted attack by the TMC to spread fear
Honor Play 80 Plus has officially been launched in China, expanding the company’s Play 80 lineup with a device that clearly puts battery life front and centre. If you are someone who hates charging your phone frequently, this one is trying hard to grab your attention
Bengal e-way to impact protected forest landThe Jangal Mahal Elephant Corridor lies 7.75 km to the south of the project alignment, raising the potential for wildlife incursion. Published on: May 07, 2026 7:48 AM IST By Jayashree Nandi, NEW DELHI Share via Copy link The Union environment
This is the end of China's once mightiest property firm, Evergrande
China Evergrande, once a symbol of China's economic boom, has been delisted from the Hong Kong Stock Exchange after its 2021 collapse under $300 billion in debt. Liquidators are struggling to recover assets for creditors, having seized $3.5 billion but distributed only a fraction of the owed amount.
The moment passed without fanfare. China Evergrande, a real estate developer that once represented the pinnacle of China's economic prowess, was formally removed from the Hong Kong Stock Exchange on Monday.
Evergrande, which made its financial debut in Hong Kong 16 years ago, had once been the fastest growing property developer in a country brimming with promise of profits for investors. It will be remembered as one of the world's most indebted companies whose collapse brought China's financial system to the brink.
The company tested Beijing's longtime "too big to fail" policy toward its biggest companies. It shattered its tolerance of unchecked borrowing by giant corporations. And Evergrande's collapse in 2021, under more than $300 billion of debt, exposed the vulnerabilities of China's economy and its dependence on real estate as a driver of growth.
Now what's left is the carcass of a corporate behemoth -- 1,300 not-yet-finished real estate projects in more than 280 cities and hundreds of thousands of homebuyers still waiting on their apartments. Then there's the long line of creditors, from businesses in China that worked for Evergrande to investors in London and New York who bet on it, still waiting to be repaid.
Last year, a Hong Kong judge ordered Evergrande to be dismantled. She appointed Alvarez & Marsal, a firm that specializes in bankruptcies and once helped unwind Lehman Brothers, to do the task. A year and a half into the job, the liquidators, , two executives at Alvarez & Marsal, have made small steps toward helping overseas creditors get tiny slices of what they are due.
The latest publicly disclosed documents from Evergrande demonstrate the challenges.
Creditors have made hundreds of legal moves against Evergrande's projects in China, and dozens of assets have been frozen. In some cases, investors or local governments have taken over developments. It is already difficult for the Hong Kong liquidators to reclaim assets for other creditors because of Evergrande's complex business structure with thousands of subsidiaries.
To squeeze money out of what is left of Evergrande, the liquidators have to take over each subsidiary one at a time. Alvarez & Marsal has so far taken control of more than 100 companies and assets worth about $3.5 billion.
But only about $255 million of the $45 billion that creditors in Hong Kong claim they are owed has been scrounged up. And the liquidators have warned that even the value of some of the seized assets is in question, casting "serious doubt on the amounts, if any, that may ultimately be realized for the benefit of the company's creditors."The liquidators are pursuing another legal route to try to extract money from Evergrande: going after the former chair, Hui Ka Yan, his wife, Ding Yu Mei, and Evergrande's former CEO, Xia Haijun. A case taking place in Hong Kong, with hearings that are closed to the public, has targeted $6 billion of assets that Hui and other executives paid to themselves in the years after Evergrande's Hong Kong public listing.
It is a study in the excess of a bygone era in China's one-time freewheeling real estate industry. So far, the case has mostly focused on Hui's wife and Xia. Hui was detained in 2023 and authorities have since fined him $6.5 million and accused him of "organizing fraud."
One recent filing to the court claimed that Xia, who was fined $2 million and banned from financial markets by a top Chinese regulator for securities fraud, is hiding assets worth $24 million in several houses and luxury cars in California.
One of those properties, in Irvine, is worth $6.3 million and was bought in April 2022, one month after Evergrande suddenly delayed its annual results for 2021 and said $2 billion in loans had been seized by banks, court documents show. Several months later, Xia resigned over what the company said had been a plan to funnel $2 billion into one of its Hong Kong listed companies from a subsidiary.
Just a few months before Xia was fined in March 2024, his wife spent $14.5 million on a sprawling mansion in Newport Beach, California, according to court filings. He has told the court he does not own anything worth more than $6,400.
Source: EconomicTimes
Related Posts: Founder of China's Evergrande pleads guilty to fraud Chinese property giant Evergrande delisted after spectacular fall Chinese property giant Evergrande to be delisted after spectacular fall China hits 2025 economic growth target as exports boom Japan Set to Lose Last Pandas in Symbol of Icy China Ties Delhi HC seeks EC's reply on plea of a party for election symbol for Bihar polls Car now status symbol Symbol Of Triumph Of Good Over Evil Actor Vijay’s TVK Gets Whistle Symbol For 2026 Tamil Nadu Polls India's wealthy embrace a new luxury symbol
Man ‘retires’ from corporate life at 35: ‘Burnout is real for millennials’The man’s post about leaving the corporate world has resonated with many, prompting varied reactions on social media. Published on: May 07, 2026 7:01 AM IST By Trisha Sengupta Share via Copy link The conversation
1 hours ago
LG’s new Essential Series aims to make premium tech more accessible in India: Check complete range and pricesLG launches its 2026 appliance range in India, spanning budget to premium segments, with prices starting at ₹16,600 and new AI-powered, smart home solutions. Updated on: May 06
1 hours ago
West Bengal BJP leader Suvendu Adhikari has called the killing of his personal assistant a "cold-blooded and pre-planned murder." He urged party workers to maintain peace while assuring that the culprits will be brought to justice. Union Minister Sukanta Majumdar echoed these sentiments
1 hours ago
Media mogul Ted Turner, who pioneered the modern 24-hour news culture when he launched the CNN channel, has died at the age of 87, the network has announced. In 1980, Turner launched Cable News Network as the first dedicated rolling news channel
1 hours ago
Employees at State Bank of India (SBI), the country’s largest public sector lender, have announced a two-day nationwide strike later this month, escalating tensions over long-standing workplace concerns. The action, led by the All India State Bank of India Staff Federation
1 hours ago
The AIADMK has firmly stated it will not support the Vijay-led TVK in forming a government in Tamil Nadu, refuting media reports of a post-poll alliance. Despite TVK's strong debut with 108 seats, falling short by 10, the AIADMK clarified its stance
1 hours ago
Robert Downey Jr. takes swipe at influencers, says calling them ‘stars of the future’ is ‘horses**t’Despite commanding a huge social media following of his own, Robert Downey Jr. admitted that he avoids going “too deep down the rabbit hole” online. May 7, 2026
1 hours ago
The date coincides with Rabindra Jayanti, the birth anniversary of Nobel laureate Rabindranath Tagore. West Bengal New Government: The oath-taking ceremony of the new Chief Minister of West Bengal will take place on May 9, BJP State President Samik Bhattacharya said on Tuesday
1 hours ago
Ted Turner, the founder of CNN who is credited with starting the 24-hour news cycle, died on Wednesday, reported the American news network. He was 87. He had been suffering from Lewy Body Dementia, a neurodegenerative disease, according to AFP. Launched in 1980
1 hours ago
Star Fox remake reviews: New Nintendo Switch 2 trailer leaves fans in doubt; ‘I'm torn…’Nintendo announced a Star Fox 64 remake for Switch 2 during Nintendo Direct. Launching June 22, the reveal sparked mixed fan reactions online. Published on: May 07
1 hours ago
3 zodiac signs may attract fiscal growth and new opportunities by this weekend, according to a tarot readerThis week may bring promising financial energy for a few zodiac signs, according to tarot insights shared by tarot reader Kishori Sud. Updated on: May 07
1 hours ago
Google Chrome browser on your desktop may be taking more space than you think. The matter came to light via a blog post from Swedish computer scientist Alexander Hanff, who stated that Google Chrome is automatically downloading a 4GB AI model on users' browsers without their explicit permission
1 hours ago
In a market where power demand is no longer cyclical but structural, the real wealth creators are quietly shifting from generators to enablers. The spotlight is moving beyond power producers to the backbone of the ecosystem—the ancillary businesses that build, connect, transmit
1 hours ago
The landslide victory of the Bharatiya Janata Party and its allies in the Assam assembly elections came as no surprise to Chief Minister Himanta Biswa Sarma. One of the reasons, he told reporters after the result, was the delimitation exercise carried out in 2023
1 hours ago
Laid-off American techie moves to Germany with family: ‘US seems unaffordable now’A Germany-based American family has opened up about why they left the United States for Europe and how their life has changed since the move. Updated on: May 06
1 hours ago
Paris Saint-Germain return to Champions League final as Ousmane Dembele goal stifles Bayern MunichThe draw gave PSG, the defending champion, a 6-5 win on aggregate after edging their encounter 5-4 in the first leg in Paris last week. Updated on: May 07
1 hours ago
Puducherry's 15th Legislative Assembly has been dissolved by Lieutenant Governor K Kailashnathan, effective May 5. This follows the election results announced on May 4, which saw N Rangasamy's AINRC-led NDA secure a decisive victory, winning 18 seats in the 30-member House
1 hours ago
Singer Bonnie Tyler has been rushed into hospital for emergency intestinal surgery. The 74-year-old star is being treated in Faro, Portugal, where she has a home. A spokesperson said: "The surgery went well and she is now recuperating. We know that all of her family, friends
1 hours ago
Several instances of alleged communal intimidation and vandalism were reported in West Bengal on Tuesday, a day after the Bharatiya Janata Party won the Assembly elections in the state. Winning 207 of the 294 Assembly seats, the BJP defeated the Mamata Banerjee-led Trinamool Congress in the results
1 hours ago
India's new Research, Development, and Innovation Fund is receiving an enthusiastic response from the private sector. This unique initiative, launched by Prime Minister Narendra Modi, aims to accelerate breakthrough technologies. The fund supports high-risk
1 hours ago
Leopard attacks motorcyclist in Ambegaon, one injuredThe victim, identified as Prashant Arun Rokade, a resident of Loni village in Ambegaon tehsil, sustained injuries to his left leg in the leopard attack Published on: May 07, 2026 7:34 AM IST By Gayatri Vajpeyee Share via Copy link A 34-year-old
1 hours ago
Arsenal has reached the Champions League final. They secured a 2-1 aggregate victory against Atletico Madrid. Captain Bukayo Saka scored the decisive goal. This marks Arsenal's second appearance in the final. They will face either Paris St Germain or Bayern Munich
1 hours ago
Sugar-free products with sugar. ‘Real’ juices with artificial ingredients. Misleading food ads are fuelling a public health crisis in India. Help Scroll expose the systemic failure. Support our investigation.Sugar-free products with sugar. ‘Real’ juices with artificial ingredients
1 hours ago
Delhi tops metro cities in violent crimes, records highest numbers in murders, kidnappings and thefts: NCRB reportThe 2024 edition is the first to capture data under the BNS, which came into effect on July 1, 2024. Updated on: May 07, 2026 7:52 AM IST By Jignasa Sinha, Paras Singh
1 hours ago
Love Horoscope Today for May 7, 2026: Astro insights share something in love is moving faster than expectedLove Horoscope Today: Find daily astrological predictions for all sun signs. Published on: May 07, 2026 7:30 AM IST By Kishori Sud Share via Copy link Aries Love Energy: Healing through
1 hours ago
President Donald Trump predicted a swift end to potential conflict with Iran, emphasizing the U.S. objective of preventing Tehran from acquiring nuclear weapons. Speaking at a tele-rally, Trump stated that the ongoing actions are for a crucial reason and expressed confidence that the situation will
1 hours ago
Ektaa Kapoor thanks Priyadarshan for career’s biggest hit Bhooth Bangla, admits having ‘respectful disagreements'Ektaa Kapoor praised director Priyadarshan for prioritising producer profits and ensuring a respectful collaboration during the making of Bhooth Bangla. May 7, 2026
1 hours ago
