Court hearings on the restructuring of the group's debts were to be held in July 2023 in Hong Kong and the Caribbean. The group stated that its total liabilities on 31 December 2022 stood at 2.43 trillion yuan (roughly US$340 billion). On 17 July 2023, Evergrande made public that it had made a net loss attributable to shareholders of 476 billion yuan (US$66.3 billion) for 2021 and of 105.9 billion yuan (US$14.7 billion) for 2022. In 2022, the company announced it would move its headquarters to Guangzhou due to a need to reduce spending. in an initial public offering on the Stock Exchange of Hong Kong (SEHK). In October 2009, the company raised $722 million U.S. In April 2022, Reuters reported that construction had been started again at many projects and that the company still had liabilities of US$300 billion.įormerly called the Hengda Group, Evergrande was founded by Xu Jiayin in the southern Chinese city of Guangzhou in 1996, during a period of mass urbanization in China. The group also sought a moratorium on the early repayment option on one of its yuan-denominated bonds from its bondholders on 7 January 2022. At the end of 2021, the Chinese government was reportedly working to restructure Evergrande in order to resolve the crisis. This was one of the reasons for a drop in many stock market indices on September 20, 2021. In 2021, the payments Evergrande had to make on its debt started the 2020–2022 Chinese property sector crisis Evergrande's total debts were estimated in the hundreds of billions of dollars. In 2018, it became the most valuable real estate company in the world. It sells apartments mostly to upper- and middle-income dwellers. It is incorporated in the Cayman Islands, a British Overseas Territory, and headquartered in the Houhai Financial Center in Nanshan District, Shenzhen, Guangdong Province, China. The China Evergrande Group is the second largest property developer in China by sales.
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |