Jakarta –
Chinese real estate giant Evergrande, has officially filed for bankruptcy in a court in New York, United States of America. The company has a debt of nearly Rp 5,000 trillion.
Evergrande is reported to have debts of up to US$ 330 billion or nearly Rp. 5,000 trillion. which is due. The default that has surrounded Evergrande has been going on since 2021. This property giant is a bad example of the property crisis in China.
Then, who is the owner Evergrande?
In detikcom’s notes, quoting from Forbes, Hui Ka Yan is the chairman of the Hong Kong-listed Evergrande Group. Before founding Evergrande, Hui worked as a technician in a steel factory for 10 years. This was done after he went to college in 1982.
The 62-year-old started Evergrande in Guangzhou in 1996 and started sourcing low-priced properties in the small market. His first project was Jinbi Park.
Reporting from Forbes Real Time Net Worth, Saturday (19/8/2023), Hui Ka Yan has a net worth of US$ 2.8 billion or around IDR 42.9 trillion (exchange rate of IDR 15,325).
Evergrand profile
According to detik.com’s notes, which are reported by Forbes, Evergrande is a group of investment holding companies engaged in the development, investment and management of real estate.
Quoted from the company’s official website, the Evergrande Group currently has eight subsidiaries engaged in various major industries. Such as Evergrande Real Estate, Evergrande New Energy Auto, Evergrande Property Services, HengTen Networks, FCB, Evergrande Fairyland, Evergrande Health and Evergrande Spring.
This Chinese company is better known as a property giant. In particular, the real estate business alone already has more than 1,300 projects in more than 280 cities in China
However, recently this property giant has filed for bankruptcy because it is unable to pay debts that are due. Quoted from Reuters, Saturday (19/8/2023), Evergrande filed for Chapter 15 bankruptcy protection that protects non-US companies undergoing restructuring from creditors who wish to sue them or tie up assets in the United States.
Evergrande recently had debt repayments of US$ 330 billion or Rp 4,950 trillion. Late 2021 defaults sparked a series of defaults at other builders, leaving thousands of homes idle across China.
In filings in Manhattan bankruptcy court, Evergrande said it was seeking recognition of ongoing restructuring talks in Hong Kong, the Cayman Islands and the British Virgin Islands.
Evergrande said creditors may be able to respond this month regarding the restructuring, with possible approval from Hong Kong and British Virgin Islands courts in the first week of September. Meanwhile, the company proposed scheduling a Chapter 15 confession hearing for September 20.
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2023-08-19 10:33:16
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