Unpaid by Evergrande, supplier sells Porsche and home to rescue his business

  • 📰 Reuters
  • ⏱ Reading Time:
  • 41 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 20%
  • Publisher: 97%

United States News News

United States United States Latest News,United States United States Headlines

ICYMI: Cleaning company boss Guo Hui is just one of many suppliers still unpaid by ailing Chinese property giant Evergrande. The delay has forced him to sell his home and car to make ends meet

In the meantime, the 50-year-old known by friends and colleagues as "Brother Hui", has sold his Porsche Cayenne and put his apartment on the market in a scramble to raise cash to pay debts and wages.

Originally from Sichuan province, Guo founded his cleaning business, called Feiyun, more than two decades ago. Feiyun provides cleaning and repair services for Evergrande apartments in Guangdong province, ensuring that new builds are clean before being shown to prospective buyers. "They worked day and night for us. I'm doing my best to pay them from loans I've taken out, but I can only manage a third or fourth of it. We still owe them about 2 million yuan," said Hui, referring to staff arrears on three different projects.

Beijing has been largely quiet on the Evergrande situation, which has rattled global markets and left investors as well as hundreds of thousands buyers of unfinished apartments facing uncertainty, triggering protests at Evergrande offices this month.

 

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

 /  🏆 2. in US

United States United States Latest News, United States United States Headlines