The founder of the Chinese property conglomerate burdened with $300 billion in debt has vowed to lead the company out of its darkest moment as it teeters on the edge of collapse and threatens to send shockwaves through the country’s property and banking sectors.
Hui Ka Yan has written a letter to his employees in response to the crisis. Evergrande, one of the country’s biggest companies, is faced with imminent deadlines to repay debts after it borrowed heavily to finance its rapid expansion. Analysts at S&P Global, the credit ratings agency, expect that a “default is likely” from Evergrande later this week, when it is due to make interest repayments on some of its loans.
“The company is faced with unprecedented, huge difficulties,” Hui
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2021-09-21 23:01:00Z
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