China Evergrande announced on the evening of September 24 that in view of the fact that its subsidiary Hengda Real Estate Group is being investigated, the group’s current situation cannot meet the eligibility for the issuance of new notes.
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On the evening of September 22, China Evergrande Group released updated information on overseas workouts.
According to the announcement, since March 22 this year, Evergrande Group’s sales have not been as good as the company expected. Based on the company’s current situation and consultations with its advisors and creditors, the company believes it is necessary to re-examine the terms of the proposed restructuring to match its objective situation and creditor demands.
In view of the above, the relevant agreement arrangement meetings originally scheduled for September 25 and September 26 regarding the proposed reorganization will not be held. Any changes to the terms of the proposed reorganization will be announced separately by the company.
According to the financial report data, Hengda Real Estate’s net loss in 2022 was 52.72 billion yuan, and as of December 31, 2022, the current liabilities totaled 1678.747 billion yuan, while the company’s monetary funds (including cash and cash equivalents and restricted funds) totaled 91.73 billion yuan.
The company’s total liabilities of 1833.819 billion yuan and total assets of 1468.557 billion yuan have been insolvent.
Source: Hurun Report
According to the "2023 Hurun Global Rich List", Xu Jiayin is now 20 billion, ranking 1100th in the world. Just two years ago in 2021, Xu Jiayin’s net worth was as high as 204 billion yuan, ranking 50th in the world.
Original title: "Evergrande Late Night Announcement!"
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