Another corporation involved in China’s real estate bubble is about to pop.
Yesterday the Bangkok Post reported:
Embattled Chinese property giant Evergrande on Wednesday suffered a second credit rating downgrade in two days, raising fears the world’s most indebted company will default and sending its shares tumbling below their listing price 12 years ago.
The Hong Kong-listed firm has run up a mountain of liabilities totalling more than $300 billion after years of borrowing to fund rapid growth and a string of real estate acquisitions as well as other assets including a Chinese football team.
This morning the situation is reportedly worse, this time reports out of Hong Kong show that China real estate giant, Evergrande, is in severe financial trouble due to its more than $300 billion in debt outstanding.
Shares in the embattled Chinese property giant Evergrande have slumped again after two credit downgrades in two days amid concerns that it will default on parts