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Embattled Chinese real estate giant Evergrande has ousted its CEO and CFO after an internal investigation into why banks seized over $2 billion from the firm's property services arm, the company has said.
The clock is ticking for the world’s most indebted developer, whose liquidity woes sparked a broader debt crisis in China’s property industry that has gone on to engulf more home builders, threaten banks and pose growing challenges for Chinese President Xi Jinping (習近平). China Evergrande Group (恆大集團), once the country’s largest real-estate firm, previously said it was on track to deliver a preliminary restructuring plan by the end of this month. That leaves mere days for the builder with about US$300 billion of liabilities, just as a shakeup stirs fresh uncertainties. The g...
Struggling Chinese real estate developer China Evergrande has announced that its chief executive and chief financial officer have resigned after initial findings in a probe found $2 billion belonging to its property unit subsidiary was redirected back to the group. The news comes as the company is already saddled with…
Embattled Chinese real estate giant Evergrande has ousted its CEO and CFO after an internal investigation into why banks seized over $2 billion from the firm's
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