World Evergrand, heavy real estate in China, facing "unprecedented difficulties", bankruptcy in sight?
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Evergrande, heavy truck in China, is struggling with "unprecedented difficulties". Several global rating agencies have degraded its note in recent weeks, while subcontractors and suppliers complained not to be paid.
Evergrande is it at the edge of the bankruptcy? This flagship of real estate real estate in China denied rumors in this direction, but nevertheless nevertheless to reassure. "The recent comments published online regarding a restructuring of Evergrand are completely false," said Chinese Mastodon in a statement published on his website. If he conceded being currently struggling with "unprecedented difficulties", he claimed to "firmly assume his corporate responsibilities", saying "fully focused on the recovery of work and activity".
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In addition,"will protect real estate transactions" and "intends to do everything possible to restore the normal course of business operations and fully guarantee the legal rights and interests of clients," adds the release. A report released last week by Capital Economics indicates that had at the end of June 1.4 million real estate that it committed to finish. In recent years, the company listed in Hong Kong has increased acquisitions at the price of a colossal indebtedness: its liabilities is currently estimated at 1.97 billion billions of yuan, the equivalent of 260 billion euros.
worried about its medium-term repayment capabilities, several world rating agencies have degraded its note in recent weeks, while at the same time the Group's action has fallen under its entry price in 2009. Summé current August by Beijing to solve "actively" his debt problems, he said in recent weeks "do everything possible" to maintain his business afloat. But some creditors now call for immediate refunds, as the Bloomberg agency has reported.
recently, subcontractors and suppliers have also complained not to be paid. Evergrand has already sold interests in some of its large-scale assets and offered important discounts to yield apartments, which did not stop it from wiping a heavy fall in its profits for the first half of the year, of the order of 29% over one year.
Evergrande wants to pay interest in millions. .
The highly neglected Chinese real estate company Evergrande has promised a punctual interest payment in millions. Thus, the financial markets could initially be reassured. © NG Han Guan / AP Photo / Picture Alliance Provided by Deutsche Wave The debt loading real estate giant China Evergrande has calmed the nerves of investors with a payment promise for a domestic bond. The Group threatened by insolvency will provide a so-called bond purchasing payment of $ 35.9 million.