mellowyellow
Well-known Member
Hui Ka YanPhotographer: Paul Yeung/Bloomberg
Everyone thought that China’s Evergrande Group was too big to fail but founder Hui Ka Yan’s debt and shares are trading near record lows after his firm failed to honour its obligations. Chinese creditors have sued Evergrande for more than $US13 billion in allegedly overdue payments. The government has cracked down on the companies’ debt binge as President Xi Jinping aims to redistribute wealth to bring “common prosperity.” Hui’s wealth alone has plunged by $17.2 billion, one of the biggest slumps for 2021.
There are growing concerns for Australia as China’s Evergrande nightmare continues to leave experts – including the Reserve Bank – well and truly spooked…………………
https://www.news.com.au/finance/mon...l/news-story/67be489a671676a5fab8083741142d88
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