Evergrande is on the verge of bankruptcy and could drag the entire Chinese real estate industry into the abyss. He writes about it The sun 24 hours, which explains how the real estate giant has seen its profits drop by 29 percent, about $ 1.6 billion. In Shenzhen, Evergrande has not honored the interest on corporate debt due in 2023, and the state is unlikely to come to the rescue, as it is not only a private company, but also considered too big to really fail. Evergrande, writes the portal of the main Italian economic daily, “has accumulated 104 billion dollars in liabilities and is one of the major Chinese players in the international debt markets”.
Problems for Zhang too? The story is of great interest Jindong Zhang: as evidenced by calcioefinanza.it, which controls Inter Milan through Suning Holdings Group. In 2017, through a subsidiary of Suning Appliance, Zhang had lent capital to Evergrande for about 2.6 billion euros, subscribing to class A shares of Evergrande Real Estate, as part of a capital raising operation on the market of the giant of ‘ real estate. Subsequently, in the autumn of 2020, after yet another postponement of the listing project (in the absence of which the investments would have been repaid by March 2021), Zhang would have agreed to review the agreement, renouncing the repayment of the loan and keeping the investment fixed. , to avoid Evergrande’s liquidity crisis. A story that has weighed heavily on Suning’s growing debt: second inf.news, Zhang’s investment would have lost 80 percent of its value, with its stake value plummeting to around 500 million euros. The risk is that it will go to zero with Evergrande’s default.
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