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According to a media report, several Chinese local governments have set up custody accounts for the struggling real estate giant Evergrande’s unfinished projects. This is supposed to ensure that money from property buyers is used to complete construction projects and not for other purposes, such as payments to creditors, financial magazine “Caixin” reported Sunday.
SN / APA / AFP / VIVIAN LIN
One of the Evergrande construction sites that is not currently running
The magazine quoted a person from the real estate group environment that in at least eight counties, where Evergrande has the most unfinished projects, these accounts have been created since the end of August. Evergrande and the Housing Ministry did not initially comment.
On Friday, the group allowed a very noticeable repayment deadline for the bond’s interest to pass without comment. Then Evergrande shares collapsed 12%. China’s second largest real estate developer has accumulated debts of more than $300 billion. Experts fear that the collapse will have dire consequences for the Chinese financial system. Investors hope for government intervention in Beijing.
Accessed September 26, 2021 at 11:39 am at https://www.sn.at/wirtschaft/welt/china-ruestet-sich-fuer-evergrande-kollaps-110015707
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