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View Full Tract ListThe large real estate developer, Evergrande, defaulted on its debt payments in 2021, but the government would not allow it to file for bankruptcy for the sake of appearances. But yesterday the company filed for chapter 15 bankruptcy in New York.
https://www.cnn.com/2023/08/17/business/evergrande-files-for-bankruptcy
The large real estate developer, Evergrande, defaulted on its debt payments in 2021, but the government would not allow it to file for bankruptcy for the sake of appearances. But yesterday the company filed for chapter 15 bankruptcy in New York. This is another big blow to the banking system, not only in China but in many other countries where banks have loaned money to Evergrande.
The beleaguered firm borrowed heavily and defaulted on its debt in 2021, sparking a massive property crisis in China’s economy, which continues to feel the effects.
Evergrande filed for Chapter 15 bankruptcy protection, which allows a US bankruptcy court to step in when an insolvency case involves another country. Chapter 15 bankruptcy is intended to help promote cooperation between US courts, debtors, and other countries’ courts involved in cross-border bankruptcy proceedings…
Evergrande has struggled to pay off its loans after officially defaulting on its debt in late-2021. The property company’s debt load reached 2.437 trillion yuan ($340 billion) by the end of last year. That is roughly 2% of China’s entire gross domestic product.
Evergrande also reported in a stock market filing last month that it had lost $81 billion of shareholder money in 2021 and 2022.
Dr. Stephen Jones has been writing blog posts since 2005 on a variety of topics from Bible Studies to World News, and he has been writing books since 1992. Dr. Jones' most important writings came after God brought him back into the full-time ministry in 1991. It is here that all his earlier years of searching the Scriptures began to come into clear focus. He combines a knowledge of the Old and New Testaments with a personal revelation of God that began and developed during the "wilderness" period of his life, which he often refers to as God's True Bible College... Read More
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