![]() ![]() ![]() In a statement, the government said it would send a working group to Evergrande to oversee risk management, strengthen internal controls and maintain normal operations, at the request of the company. The provincial government of Guangdong, where Evergrande is based, said it had summoned Evergrande’s chairman Xu to a meeting on Friday night. ![]() VCG/Getty ImagesĮvergrande chairman has sold $1.1 billion worth of his personal assets to prop up the company, Chinese state media reports Xu Jiayin, a member of the CPPCC National Committee and chairman of Evergrande Group, attends a press conference at the fifth session of the 12th CPPCC National Committee on Main Beijing, China. In another filing Monday, the company said it would set up a risk management committee that would be headed by company chairman Xu Jiayin, focused on “mitigating and eliminating” future risks. The company “plans to actively engage” with offshore creditors on a restructuring plan, it added. “In light of the current liquidity status … there is no guarantee that the group will have sufficient funds to continue to perform its financial obligations,” Evergrande said late Friday in a stock exchange filing. It faces an immediate test of its ability to repay creditors on Monday with the expiry of a 30-day grace period on interest payments on its dollar-denominated bonds. The company, which has about $300 billion in total liabilities, warned late Friday it might not have enough funds to meet its financial obligations. It has lost 87% of its value since the start of the year. Shares of Evergrande plummeted to a new record low on Monday as the Chinese developer once again teetered on the brink of default.Įvergrande’s stock closed down 20% at 1.81 Hong Kong dollars ($0.23), the lowest since it listed in Hong Kong in 2009. ![]()
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