In 2010, the company bought a soccer team, which is now known as Guangzhou Evergrande. It even owns a food and beverage business, selling bottled water, groceries, dairy products and other goods across China. Outside housing, the group has invested in electric vehicles, sports and theme parks. The group was founded by Chinese billionaire Xu Jiayin, also known as Hui Ka Yan in Cantonese, who was once the country’s richest man.Įvergrande made its name in residential property - it boasts that it “owns more than 1,300 projects in more than 280 cities” across China - but its interests extend far beyond that. Guangzhou Evergrande: Inside China's $185M football factory It also indirectly helps sustain more than 3.8 million jobs each year.Ĭhina inside football player factory rivers pkg_00005823.jpg Listed in Hong Kong and based in the southern Chinese city of Shenzhen, it employs about 200,000 people. The company is part of the Global 500 - meaning that it’s also one of the world’s biggest businesses by revenue. Here’s what you need to know about Evergrande, and how it got to where it is now.Įvergrande is one of China’s largest real estate developers. That’s fueling speculation over what could happen next, with potential outcomes including a Beijing-backed bailout, restructuring or default. So far, Evergrande has failed to publicly address two interest payments on bonds over the past week. The coming days and weeks will be critical. Shares shot up one day, and down the next. Last week, investors experienced whiplash as the firm met one crucial debt deadline, but then failed to address another. Real estate - and related industries - account for as much as 30% of Chinese GDP. Some analysts fear it could even turn into China’s Lehman Brothers moment, sending shockwaves across the world’s second biggest economy. The property developer’s debt crisis is a major test for Beijing. The world is still waiting to find out what will happen to troubled Chinese conglomerate Evergrande and its enormous mountain of debt.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |