A possible collapse of one of China’s biggest borrowers has led to worries about contagion risks to the property sector.
Bankruptcy
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Chus are the latest billionaire family to help out their pal, the Evergrande founder, with a 51 percent purchase offer.
As HNA snapped up assets across the world, it symbolised the arrival of China on a global stage. Now that’s unravelling.
The warning shows the embattled property developer’s liquidity crisis is worsening across its business.
More than 80,000 people bought wealth management products from Evergrande and fear they won’t see their money again.
Indebted developer, however, has not said whether it will meet two other interest payments, including one on Thursday.
With Beijing not showing any signs of stepping in to help the developer, concerns over spillover risks remain high.
Jailed tycoon Jimmy Lai’s newspaper was shut in June after a police raid to probe breach of a new national security law.
The funds earlier had invested in firms that went bankrupt or are being investigated or whose founders have fled India.
Rising real estate prices have worsened income inequality and the government crackdown aims at avoiding social unrest.
All but a handful of US states nationwide now support Purdue’s bankruptcy plan.
These firms lack the cash to cover interest payments, will likely collapse once gov’ts end pandemic fiscal measures.
A lawyer for the New York attorney general’s office argued a US bankruptcy judge should reject the NRA’s filing.
‘As one bookseller said to me, ‘It says COVID on the death certificate, but the underlying condition was Amazon.”