China's government is stepping in to help Evergrande deal with its debt, as it has with previous large-scale corporate clean-ups
Added 12-06-21 12:14:02am EST - “This comes after Evergrande said in filing to the Hong Kong Stock Exchange there was "no guarantee" it would have enough funds to meet debt repayments.” - Businessinsider.com
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Posted By TheNewsCommenter: From Businessinsider.com: “China's government is stepping in to help Evergrande deal with its debt, as it has with previous large-scale corporate clean-ups”. Below is an excerpt from the article.
Chinese authorities have moved in swiftly to address Evergrande's troubles after the embattled real-estate giant warned it might not be able to repay its debts.
This comes after Evergrande said in an announcement on the Hong Kong Stock Exchange there was "no guarantee" it would have enough funds to meet debt repayments.
"In light of the current liquidity status of the Group, there is no guarantee that the Group will have sufficient funds to continue to perform its financial obligations," Evergrande said in its announcement, adding that creditors may demand accelerated repayment if it does not.
The filing — made at 8 p.m. Hong Kong time on Friday — triggered what appears to be coordinated responses from the People's Bank of China, the country's Banking and Insurance Regulatory Commission, and its Securities Regulatory Commission on the same day.
China's Guangdong province also summoned Hui Ka Yan, the chairman of China Evergrande Group, the local government said on Friday.
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