• About
  • Advertise
  • Careers
  • Write for us
  • Contact
  • Terms of service
Sunday, May 29, 2022
The Millennial Source
TMS
Home WORLD

Evergrande’s founder denied invite to key political meeting

byThe Millennial Source
March 7, 2022
in WORLD
Evergrande

FILE PHOTO: The company logo is seen on the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. REUTERS/Aly Song

Share on FacebookShare on TwitterShare on Linkedin

The property market in China isn’t doing too well at the moment, with the market being pretty overdeveloped. The company at the forefront of these issues is Evergrande. Once a real estate giant that built its company on debt, Evergrande is now swimming in about US$300 billion in loans. 

The founder of the company, Xu Jiayin (or Hui Ka Yan), used to be quite chummy with the Chinese government, being a part of advisory bodies and committees. In July of last year, Xu went to a party celebrating the CCP’s 100th birthday, making investors happy because they took it as a sign that the CCP still had the tycoon’s back. Between July 2021 and now, though, Evergrande has defaulted on several debt payments and gone into debt restructuring. 

And now, according to some sources, he hasn’t been invited to a key political meeting this week. Evergrande hasn’t commented on this matter. 

You drive the stories at TMS. DM us which headline you want us to explain, or email us.

Like TMS? Subscribe to our free daily newsletter

. . .

Related

Tags: economic policyproperty giants
ShareTweetShare

Latest Posts

Sri Lanka crisis

Sri Lanka’s new prime minister warns country is down to its last day of petrol

May 18, 2022
wealth in China

CCP releases previously unpublished comments by Xi about wealth in China

May 16, 2022
FILE PHOTO - European Commission President Ursula von der Leyen attends a meeting of the College of European Commissioners at the EU headquarters, in Brussels, Belgium April 27, 2022.  Kenzo Tribouillard/Pool via REUTERS

The EU pushes toward phasing out Russian oil but faces opposition

May 10, 2022

Wall Street shares tumble while Bitcoin value drops amid market uncertainty 

May 10, 2022

US hikes rates by half-percentage point, rules out bigger future rate increases

May 5, 2022

What you need to know about the EU’s proposed sixth round of sanctions against Russia

May 5, 2022

Nervous investors dumped US$26 billion of Alibaba stock over report of “Ma” arrest – but, it wasn’t Jack Ma

May 4, 2022

Warren Buffett is on a spending spree putting US$41 billion to work this quarter

May 2, 2022

We could face a global recession in two years, says Singapore

May 2, 2022

SUBSCRIBE TO THE TMS NEWSLETTER

By providing your email, you agree to our Privacy Policy

The Millennial Source Ltd. 2021

No Result
View All Result
  • Your daily briefing
  • About us
  • Explore
    • Startups
    • Climate change
    • Tech giants
    • Crypto
    • The future of work
    • Banking giants
    • Economy
  • Lifestyle
  • TMS archives
  • Write for us
  • Contact
  • Privacy Policy & Terms

© 2022 The Millennial Source Ltd.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

We are using cookies to give you the best experience on our website.

You can find out more about which cookies we are using or switch them off in settings.

string(24) "jsonld single post debug"
The Millennial Source
Powered by  GDPR Cookie Compliance
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.

Strictly Necessary Cookies

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

If you disable this cookie, we will not be able to save your preferences. This means that every time you visit this website you will need to enable or disable cookies again.