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US News Evergrandy sells real estate to its creditors

20:25  19 september  2021
20:25  19 september  2021 Source:   lefigaro.fr

Near Rennes, his theater sells black gold

 Near Rennes, his theater sells black gold © West-France Gwenael de Boodt transformed the gas pump from the road between Rennes and Saint-Malo in theater station. Gwenael de Boodt, founder of the theater station in La Mézière, north of Rennes (Ille-et-Vilaine), creates and welcomes art living in an old gas station. The artist highlights the texts of writers, a timeless treasure. On Sunday evening, when it stopped on the road between Saint-Malo and Rennes ( Ille-et-Vilaine ), a lot was full at the essence station of Mézière .

Victime de la crise du Covid qui a gelé les transactions immobilières, Evergrande se retrouve aujourd’hui à court de liquidité et face à une dette gigantesque. © Jessica Yang / AFP Victim of the CVVID crisis which froze real estate transactions, Evergrande is found today in short of liquidity and facing a gigantic debt.

Chinese Real Estate Conglomerate Evergrande, strangled by $ 300 billion debt , faces on Thursday at a deadline of $ 83.5 million. To avoid a cessation of payments that could have serious repercussions in the Chinese market, Evergrande proposed Saturday on WeChat to repay investors in its property management funds in real estate. Investors who wish it can contact Evergrand's local offices to be reimbursed in apartments, offices, commercial areas or even parking spaces. According to the Caixin Financial Media, Evergrande issued about $ 6 billion worth of wealth management products from individual or financial investors. Already, last week, the Chinese group repaid a $ 34 million debt from its Skshu Paint supplier in the form of apartments located in three unfinished real estate projects.

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End of August, the Chinese authorities had summoned Evergrand officials to require that they regulate

"actively" their cash flow problems. Evergrande, one of the largest Chinese private groups, employs 200,000 people and generates 3.8 million jobs in China. Its founder, Xu Jiayin, the fifth fortune of the country, according to the Chinese Specialized Cabinet Hurun, benefited from the real estate speculation that reigns in China to grow by multiplying acquisitions. Victim of the COVID crisis that froze real estate transactions, it is found today in short of liquidity and facing a gigantic debt.

Evergrande does not pay and is silent .
of the highly neglected Chinese real estate company Evergrande has lit the deadline for a pending interest payment of 71.3 million euros in silence. The company had previously stated to pay creditors in the form of real estate. But that too did not happen. Now starts a 30-day period. © AP China Your Browser Does Not Support This Video The fear of the threatening bankruptcy has been spoiled again. Prompt, the share broke 12 percent.

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