HONG KONG - China’s most-indebted property developer is scrambling as officials push an aggressive cleanup of the bubble-prone sector. The ongoing pain of $25 billion Evergrande, with businesses spanning theme parks to electric vehicles, is a vivid measure of how far President Xi Jinping will go to reallocate capital and de-risk the economy.
Evergrande sells projects in nearly 300 cities and holds China’s biggest land bank. It had assets of 2.3 trillion yuan and total interest-bearing debt of 836 billion yuan, roughly $129 billion, as of June. Hui, 62, is the world’s richest property tycoon with a seat on China’s top political advisory body.Evergrande falls foul of leverage ratio targets introduced in August for twelve real estate firms, and now extended to cover the entire sector.
In September, Hui convinced most creditors owed some 144 billion yuan, roughly $22 billion, to convert their dues into equity after regulators rejected a proposal to list its onshore real estate unit in Shenzhen. The details of the settlement were scarce.
Breakingviews ywchen1 Highly leveraged, over geared and illiquid. What could possibly go wrong.
Breakingviews ywchen1 China is liar
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