Mon, 25 Aug 2025

Mon, 25 Aug 2025 Evergrande: Why should I care about the crisis-hit Chinese property giant?

The stricken companies shares have been removed from the Hong Kong stock market.

* Evergrande's shares have been removed from the Hong Kong stock market after being suspended since January 2024.
* Founder Hui Ka Yan was fined $6.5m and banned from China's capital market for life in March 2024 for overstating revenue by $78bn.
* Evergrande went into default in 2021 after missing a debt repayment deadline, with the company having borrowed over $300bn.
* The company's shares have lost more than 99% of their value since the start of the crisis.
* Evergrande filed for bankruptcy in New York in August 2023 to protect its US assets.
* The Chinese government has taken measures to help the industry and economy, including providing low-interest loans and incentives for home buyers.
* However, President Xi Jinping's focus has shifted from property development to high-tech manufacturing and AI, with the ruling Communist Party prioritizing renewable energy, electric vehicles, automation, and robotics.
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