Translated by: MOS Education Group – Winsun
On September 11, it was reported that Evergrande Group, known as China’s second-largest property developer by sales , was facing a breach of contract, and customers and employees started to protest for their rights.
It was reported that as of June, the company’s total debt in terms of trade and supplier payables was as high as 148 billion U.S. dollars, and the company’s total debt exceeded 300 billion U.S. dollars! Evergrande has become a “bad asset” for the CCP. Abandoned, it is difficult for Evergrande alone to restart the already stagnant construction project. Evergrande’s US dollar bond maturing in 2023 dropped to a new low of 23.81 cents this week. The industry assessment agency downgraded Evergrande’s credit rating by three levels, which is on the verge of bankruptcy.
Many home buyers and Evergrande employees gathered in front of the Guangzhou Nansha District Housing Bureau on Thursday, holding banners to denounce Evergrande’s breach of contract, including delays in house delivery, malicious breach of contract and layoffs, and even arrears of employees’ wages. Many large-scale projects, including Evergrande Peninsula, have been suspended for several months, and customers, suppliers and buyers all are dissatisfied! It is reported that more than 1.5 million Evergrande customers have paid for unfinished apartment projects that have not yet been completed.
Evergrande used to tamper with the plot ratio, transfer the houses to their own financial institutions, conduct evaluations, re-mortgage, and even re-mortgage and other operational methods to make a large number of loans from banks. Although being a purely financial fraud, it has been under the control of the Chinese Communist Party. The explosion of Evergrande once again verified Mr. Miles Guo’s intelligence, and it also showed how the corrupt regime of the Chinese Communist Party relies on the real estate Ponzi scheme for a living.
Edited by: Xiaoxin
Proofread by: Xiaoxin
Posted by: Xiaoxin
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