World Evergrande founder urged to pay debt

03:21  27 october  2021
03:21  27 october  2021 Source:   skynews.com.au

China's growth comes clearly to the stick

 China's growth comes clearly to the stick China was able to overcome the Corona pandemic relatively quickly, but the prospects are increasingly being thrilled. The golden growth times are past for the Red Dragon for the time being. © Andy Wong / AP Photo / Picture Alliance Provided by Deutsche Wave Rising raw material prices, supply bottlenecks and power failures brakes off in the third quarter of China's economy. Gross domestic product (GDP), according to the State Statistics Office, rose by 4.9 percent from Monday from Monday July to

The Chinese government has told billionaire founder of China's Evergrande Group, Hui Ka Yan, to start paying off some of the company's significant amount of debt himself.

Bloomberg reports the Chinese government instructed Mr Hui overnight to begin paying back some of the bond payments Evergrande have missed over the last month – the figures totalling a few hundred million dollars at this stage.

  Evergrande founder urged to pay debt © Provided by Sky News Australia

Mr Hui is worth around USD$8.2 billion – so the Chinese government suggested he pay back some of the company's substantial debt out of his own pocket.

The total debt is over USD$300 billion and so it remains unlikely Mr Hui would be able to pay it all off by himself.

Evergrande EV unit soars after chairman prioritised that business .
Stock rose on the news that the group would make its EV unit its primary business, instead of its real estate one.Evergrande, reeling under more than $300bn in liabilities, averted a costly default last week with a last-minute bond coupon payment, buying it more time to head off a looming debt crunch with its next major payment deadline on Friday.

usr: 3
This is interesting!