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China Government Warns of Payment Default by China Evergrande, Debts of $300 Billion
17th September 2021 | Hong Kong
The China Government Ministry of Housing and Urban-Rural Development has warned of loan, bonds and interest payment default by China Evergrande, which may be due on 20th September 2021 (Monday).China Evergrande is one of the largest property conglomerate in China with more than 1,300 real estate projects & 200,000 employees and business interests in electric cars, healthcare, consumer products etc, and has more than $300 billion of outstanding debts.China Evergrande is suffering from severe cashflow and little working capital, due to significant decline in property sales and obligations on interest payments.Should China Evergrande defaults, the banking industry may start to face a loan write-down or lengthy recovery on their loans to China Evergrande, suppliers will receive an uncertain recovery, and homebuyers and investors will face uncertainties on their property purchase and investments.
“ China Government Warns of Interest Payment Default by China Evergrande, Debts of $300 Billion “
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China Evergrande Founded by Hui Ka Yan
China Evergrande is founded in 1996 by Hui Ka Yan (Xu Jiayin).In 2009, China Evergrande went public in Hong Kong.At one point, Hui Ka Yan had a personal fortune of more than $30 billion.In 2021, his personal fortune is estimated at around $7 billion to $11 billion.
China Evergrande is one of the largest property conglomerate in China with more than 1,300 real estate projects & 200,000 employees and business interests in electric cars, healthcare, consumer products etc.
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