Analysis: Evergrande's billionaire founder has been bailing out the business. That can't continue

📆 2021/11/10 20:46:00
📰 CNN

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'Evergrande is staring down about $8 billion worth of debt obligations due to foreign investors over the next year. The company's billionaire founder and chairman may have to pay at least some of that out of his own pocket.' Analysis by selinawangtv

A version of this story appeared in CNN's Meanwhile in China newsletter, a three-times-a-week update exploring what you need to know about the country's rise and how it impacts the world. Sign up here.The embattled conglomerate has become the poster child of China's property crisis. Fears that the real estate developer could default and spark a contagion effect roiled global markets in September.

By 2017, Xu became Asia's richest person, and was famous for his extravagant lifestyle and taste for luxury. During one of China's annual legislative conferences, Xu went viral online for wearing a black suit with a flashy Hermès gold belt, earning himself the moniker"belt brother.

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China Evergrande Scrapes Together More Cash From Tech Company Stake SaleTroubled property giant China Evergrande sold a roughly 5.7% stake in Hong Kong-listed HengTen Networks over the last three trading days, raising $145 million Just like a game of Monopoly! Is it enough to pay the bills.... eventually Mother Hubbards cupboard will be bare xx If Evergrande does not die, China's economic structure will not become healthy
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