Evergrande Crisis Squeezing the Chinese
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Evergrande Crisis Squeezing the Chinese
The Chinese government maygamblingSLOTXOempire Exclusive online casino games under the website directly, not through American representatives, giving you the most fun from the first time playing xo slots. Access our service. USA online gambling sites Open for service via the 168slotxo website, easy to bet, the most fun because it combines quality gambling games, genuine copyrights, a variety of styles. not be able to stand still. After the "China Evergrande" debt crisis spread, Chinese people stopped paying off their home debt. The real estate sector entered a recession.
On July 25, 2022, Reuters reported that Chinese authorities have found it increasingly difficult to ignore China Evergrand's financial turmoil after the company's chief executive resigned on Friday. Due to investigations, it was found that he was involved in helping transfer funds from affiliates. This led to a debt restructuring plan for US$19 billion in foreign bonds. at risk
The discovery came at a delicate time. By March The company said the bank had seized $2 billion in deposits from its most valuable subsidiary in Hong Kong, Evergrande. Property Service”
Investigators found that the money was used as collateral for the loan. which in the end will go to the parent company
Evergrande quickly recruited CEO Xu Jiayin after discovering he was involved in the company's chief financial officer's deal.
The company still has to submit its long-term debt restructuring plan to creditors on Sunday.
in May Reuters reported an offer that involved creditors converting their own debt to equity in the Evergrande subsidiary. However, the alternative was less attractive. Due to the weak financial status of the subsidiary
Until now, the Chinese central government has refused to pay Evergrand aid. By choosing to stay mostly while the company tries to do pre-sale projects. and to complete projects, although such strategies have the opposite effect Because the real estate market in China is entering a recession. |
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