China Evergrande Group, China’s biggest property developer and the world’s most heavily indebted one, will likely restructure its operations and massive debt after tough talking from the Chinese government.
The Hong Kong-listed company boasts the largest revenue among Chinese property firms at RMB507.25 billion US$78.3 billion in 2020, according to its 2020 results. In comparison, the second largest Chinese developer, Country Garden, posted a revenue of RMB462.86 billion, for the same period.
This is “the beginning of the end”, where Evergrande will undergo reorganisation and its founding chairman Hui Ka-yan will lose control of the company, Michael Hammond, a former Asia Pacific chief...
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