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World China: Flutable owners request accounts at Evergrand

14:15  14 september  2021
14:15  14 september  2021 Source:   lepoint.fr

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  Chine: des propriétaires floués demandent des comptes à Evergrande © AFP

"I LS ME must more than 10 million!": Ms. Xia like dozens of spoliated owners manifest in front of the headquarters of the Chinese real estate Giant Evergrande, Who admitted Tuesday not to be able to cope with his obligations.

Evergrand, crushed by a liability of nearly 260 loots euros, is the largest real estate developer of China .

Its possible liquidation would have considerable consequences, not only on the Chinese economy but also on "social stability" expensive to Chinese leaders.

Evergrand Indicates to use 200,000 people and indirectly generate 3.8 million jobs in the country.

Tuesday, a large sixty worried people manifested in front of the group's headquarters in Shenzhen (South). Police with transparent shields blocked access and prevented journalists from filming.

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"We managed projects for them but we have still not been paid. They gave us no explanation", plague one of the protesters faced by the AFP and who did not wish to give his name for fear of reprisals.

In China, the events are de facto illegal.

Recently, several subcontractors and suppliers had complained not to be paid. And construction sites were stopped.

"Achieving our rights"

Evergrande "owes more than 20 million yuan to our boss and even more to many people here," says Cheng, a worker from a construction company. This amount represents more than 2.5 million euros.

"We are very worried [...] But we can not do anything," he says resigned.

Among the protesters are owners who paid ahead of the construction of their housing but may never be able to benefit from it.

Evergrand, heavy real estate in China, facing "unprecedented difficulties", bankruptcy in sight?

 Evergrand, heavy real estate in China, facing © Pixabay Evergrand, Heavy Real Estate Weight in China, Faced with "unprecedented difficulties", bankruptcy in sight? 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.

"They owe me more than 10 million yuan!", A woman named Xia's name. "Evergrand is a large group. It was expected that it will reimburse but it is not the case in the end. It is an attack on our rights of citizens," she says.

"Considerable impact"

Real estate takes a considerable place in the economy representing more than a quarter of investment in the country.

While tens of millions of households have invested in the stone, the macroeconomic consequences could be serious if the value of the property fell under the amount of the loans to repay.

Evergrand has succumbed to the new rules imposed by Beijing to stop real estate speculation after decades of easy money, when promoters multiplied incentives to convince the owners to settle in new.

Evergrand can no longer sell goods before formally finishing construction. A model whose group has widely worn in the past to finance and maintain its activities.

size and decadence of Evergrande, Chinese real estate giant

 size and decadence of Evergrande, Chinese real estate giant © Str Xu Jiayin, the boss of the Evergrande group (at the center), in Wuhan, June 5, 2017 in 25 years, Evergrand is mounted at the top of the Chinese real estate sector before croving under a debt of 260 billion euros. Return on an emblematic saga of private companies in now Second World Economy: 1996 - Beginnings in Fanfare An old metallo, Xu Jiayin, founded the group in Shenzhen (south) by focusing on the country's rapid urbanization.

According to experts, the Group must still complete 1.4 million housing for a total value of 170 billion euros.

In a statement Tuesday on the Hong Kong Stock Exchange, where the Group has been listed since 2009, Evergrande has indicated exploring "all possible solutions" for its liquidity problem.

However, "there is no guarantee that the group is able to honor its financial obligations," warned the Mastodon of real estate.

The group's tumble accelerated last week with the lowering of its note by financial rating agencies, while the action fell lower than when it was introduced to Hong Kong 12 years ago.

Despite the pressure, Beijing "will not let Evergrande go bankrupt", estimate the Cabinet Cabinet analysts, based on the United States . "This would have a considerable impact on the regime" and its stability, do they notice.

"The most likely outcome is a restructuring with other real estate developers who resume unfinished projects", Pronostics

Mr. Williams .

Poly Property, a subsidiary of a Chinese military group and based in Hong Kong, could be part of the companies called to the Evergrande Rescue, according to Saxo Bank analysts.

14/09/2021 10:55:22 - Shenzhen (China) - © 2021 AFP

Is the Evergrande meltdown China’s Lehman Brothers moment? .
Investors are worried an Evergrande debt default could send shock waves through the Chinese and global economies.Now, the images of disgruntled China Evergrande Group investors, employees and vendors camped outside the firm’s headquarters in Shenzhen in recent weeks have the potential to become a shorthand of their own.

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