Chinese property giant Evergrande under 'tremendous pressure'China Evergrande has tried to sell off assets to meet help pay its debts, including its Hong Kong headquartersBEIJING - Embattled Chinese property giant Evergrande on Tuesday conceded it is under "tremendous pressure", a day after insisting it will avoid a bankruptcy that many fear could have a huge impact on the world’s number-two economy. Its plight has raised fears of a contagion across the debt-laden Chinese property sector -- which accounts for more than a quarter of the economy -- with a knock on for banks and investors. It is also struggling to sell its Hong Kong headquarters, even at a loss. He poured money into mass developments in new cities, raising $9 billion in its 2009 IPO in Hong Kong. A year later Xu bought a struggling football team and renamed it Guangzhou Evergrande, lavishing millions of dollars on salaries for its stars and scooping titles.

Source: Bangkok Post September 14, 2021 03:56 UTC