恒大破产，富了清盘人

Core Viewpoint - The article discusses the implications of Evergrande's bankruptcy and the role of liquidators, highlighting the paradox where liquidators benefit financially from the failure of companies, often at the expense of creditors and other stakeholders [4][9][41]. Group 1: Evergrande's Bankruptcy - Evergrande's listing status will be canceled on August 25, 2025, marking the end of a 16-year journey for the company [4]. - The company is facing liabilities of 2.4 trillion yuan and has 300,000 unfinished housing units [6]. - Liquidators will be the first to benefit from the remaining assets, which raises concerns among creditors who may not recover their investments [8][9]. Group 2: Role of Liquidators - Liquidators, such as Anmai Consulting, have a unique position where their fees are prioritized over those of employees and creditors, leading to a situation where they profit regardless of the outcome for creditors [10][12]. - The fee structure for liquidators is tiered, allowing them to earn substantial amounts even from a limited asset recovery [12][13]. - Liquidators possess extensive powers, including the ability to investigate and sue former executives for mismanagement, as seen in the case against PwC and former executives of Evergrande [25][28]. Group 3: Challenges in Liquidation - The complexity of the Evergrande case is amplified by its vast network of projects and legal entities, requiring a large team of professionals to manage the liquidation process [19][20]. - Liquidators face significant challenges in recovering assets, especially when dealing with former executives who may have hidden assets through complex structures [35][36]. - The legal and operational divide between Hong Kong and mainland China complicates the liquidation process, as most of Evergrande's assets are located in mainland China [37][38]. Group 4: Market Implications - The ongoing wave of bankruptcies among Hong Kong property firms is creating a lucrative environment for liquidation firms, with a projected debt maturity of 525.7 billion yuan in 2025 [39][40]. - The article highlights a trend where the collapse of companies leads to the rise of service industries, particularly in liquidation and auditing, benefiting firms like Anmai and the Big Four accounting firms [41][42].