The founder of one of the largest Chinese developers Evergrande Group, which was on the verge of a market crash, Xu Jiayin, sold personal assets worth more than $1 billion to save the company, business news outlet Yicai Global reported on Wednesday
BEIJING (Pakistan Point News / Sputnik - 17th November, 2021) The founder of one of the largest Chinese developers Evergrande Group, which was on the verge of a market crash, Xu Jiayin, sold personal assets worth more than $1 billion to save the company, business news outlet Yicai Global reported on Wednesday.
Xu invested about $1.1 billion of personal funds in Evergrande since July 1. The construction tycoon sold property, including three villas in Hong Kong, mansions in Guangzhou and Shenzhen, private jets, and pledged equity to use the money raised to guarantee the construction of homes, interest payments, and employees' salaries, according to Yicai Global.
Since July, Evergrande has been on the verge of default after several years of rapid growth and active lending. A downturn in sales and a high-risk business model caused a crisis in the company. In late June, Evergrande's debt was $304 billion.
