China Tells Evergrande Billionaire to Pay off His Insolvent Company’s $300 Billion in Debt with His $8 Billion in Worth
China tells Evergrande billionaire to pay off his company’s debt with his own money. However, it’ll be difficult to pay off $300 billion in debt with $7.8 billion in worth.
Chinese authorities reportedly told the billionaire behind insolvent China corporation, Evergrande, to pay off his company’s debt with his own money.
Chinese authorities have told billionaire Hui Ka Yan to use his personal wealth to alleviate China Evergrande Group’s deepening debt crisis, according to people familiar with the matter.
Beijing’s directive to the Evergrande founder came after his company missed an initial Sept 23 deadline for a coupon payment on a dollar bond, said the people, asking not to be identified discussing a private matter. Local governments across China are monitoring Evergrande’s bank accounts to ensure company cash is used to complete unfinished housing projects and not diverted to pay creditors,
