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Sunday, January 16

China’s government appoints Evergrande founders

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In China, the situation on the troubled real estate market is coming to a head: The country’s largest developer, the completely overindebted Evergrande Group, warned again today of a default. Company founder Xu Jianyin was then appointed by the government of Guangdong Province – there, in Shenzhen, the company is based.

The government announced that it would send a working group to the group. This should “monitor and promote” risk management.

Company sits on mountain of debt

After years of credit-funded expansion, Evergrande is sitting on a mountain of debts equivalent to around 260 billion euros and has great difficulty servicing its loans. Today the group announced in a mandatory announcement to the Hong Kong stock exchange that in light of its current situation there is “no guarantee that the group will have sufficient funds to continue to meet its financial obligations”.

According to the financial news agency Bloomberg, a subsidiary of Evergrande has to pay $ 82.5 million (around EUR 73 million) by Monday. Founder Xu – Hui Ka Yan in Cantonese – had just last week sold Evergrande shares worth $ 344 million, reducing his stake in the group from 77 to 68 percent. The authorities urge the founder to use his private assets to repay debt.

Another real estate company in trouble

Real estate developer Kaisa also announced today that an attempt to postpone a payment due next week had failed. There is “no guarantee” that Kaisa will be able to meet its payment obligations by then. The company’s price on the Hong Kong Stock Exchange fell nine percent by the end of trading.

Reference-orf.at

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