Embattled Chinese property giant Evergrande was officially declared in default for the first time, as it admitted it won t be able to pay back its debts.
Evergrande told the Hong Kong stock exchange it won t be able to repay its debts. The company s founder Xu Jiayin, who once owned a Sydney mansion, summonsed by government authorities.
Xu Jiayin was at the centre of a political storm in Australia in March 2015 after it emerged China s 15th richest man had failed to seek permission to buy Villa del Mare in Point Piper.
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