6/28/2023 0 Comments Blocs app copyright symbolXia, who has more than 30 years of experience in property development and corporate management, is in charge of daily operations, including financial and capital operation and public affairs. The developer was downgraded to default by Fitch in December, citing its failure to pay interest on two bonds with a face value of US$645 million and US$590 million after a 30-day grace period.Įvergrande reprimands insiders for hitting the exit ahead of wealth product clients, forcing redeemers to return proceeds It also faced demands from investors who bought billions of its so-called yuan-based high-yielding wealth management products, sparking ugly scenes outside its headquarters. The group struggled to repay suppliers and contractors. ![]() ![]() ![]() Photo: HandoutĮvergrande’s crisis deepened after a mainland Chinese court froze the assets of its onshore subsidiary on a petition by a lender. Evergrande’s proposed Versailles-like project in Yuen Long.
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