THE clock is ticking for the world’s most indebted developer, whose liquidity woes sparked a broader debt crisis in China’s property industry that’s gone on to engulf more home builders, threaten banks and pose growing challenges for President Xi Jinping.
The group said last Friday that CEO Xia Haijun was forced to resign amid a company probe into how 13.4 billion yuan of deposits were used as security for third parties to obtain bank loans, which some borrowers then failed to pay back. Chief Financial Officer Pan Darong was also made to step down. The company rocked markets late last year when it defaulted on dollar-bond payments after liquidity scares that began in 2020. Contagion from that shock has dragged Chinese offshore junk notes, most of which come from property firms, deeper into distress. Meanwhile, Evergrande’s creditors have been left with little detailed indication of how much they may recover, in what would be one of the nation’s largest-ever debt restructurings.
Source: News Formal (newsformal.com)
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