China Central Bank Injects $71 Billion into Banking System, China Evergrande $300 Billion Debt Crisis
24th September 2021 | Hong Kong
China Central Bank People’s Bank of China, has injected a total of $71 billion (CNY 460 billion) into the banking system in the last few working days to ensure sufficient liquidity amid China Evergrande $300 billion debts and potential default. China’s regulators have also informed China Evergrande to take all measures to avoid a near-term default.
“ China Central Bank Injects $71 Billion into Banking System, China Evergrande $300 Billion Debt Crisis “
Warning of China Evergrande Potential Default
Earlier in September 2021, The China Government Ministry of Housing and Urban-Rural Development has warned of loan, bonds and interest payment default by China Evergrande, which may be due on 20th September 2021 (Monday).
China Evergrande is one of the largest property conglomerate in China with more than 1,300 real estate projects & 200,000 employees and business interests in electric cars, healthcare, consumer products etc, and has more than $300 billion of outstanding debts. China Evergrande is suffering from severe cashflow and little working capital, due to significant decline in property sales and obligations on interest payments. Should China Evergrande defaults, the banking industry may start to face a loan write-down or lengthy recovery on their loans to China Evergrande, suppliers will receive an uncertain recovery, and homebuyers and investors will face uncertainties on their property purchase and investments.
China Evergrande Founded by Hui Ka Yan
China Evergrande is founded in 1996 by Hui Ka Yan (Xu Jiayin). In 2009, China Evergrande went public in Hong Kong. At one point, Hui Ka Yan had a personal fortune of more than $30 billion. In 2021, his personal fortune is estimated at around $7 billion to $11 billion.
China Evergrande is one of the largest property conglomerate in China with more than 1,300 real estate projects & 200,000 employees and business interests in electric cars, healthcare, consumer products etc.
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