News Formal

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

  • 📰 CNN
  • ⏱ Reading Time:
  • 16 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 10%
  • Publisher: 95%

United Kingdom News News

United Kingdom United Kingdom Latest News,United Kingdom United Kingdom Headlines

'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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

selinawangtv Raising the voice of a minority group left behind in Afghanistan (Graduates of American University of Afghanistan) who are in urgent need of evacuation. AuafAlumni EvacuateAUAFAlumni

selinawangtv

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 4. in UK

United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

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
Source: WSJ - 🏆 98. / 63 Read more »