Evergrande Running On Fumes
Posted on 08/29/2023
Evergrande has lost US$ 2 billion following the resumption in trading this week. It was the first time shares traded hands in 17 months. Evergrande has liabilities of US$ 328 billion. Evergrande reported a loss of US$ 4.5 billion for H1 2023. Evergrande is hoping its electric vehicle business and property management company will help its financial future after filing for bankruptcy.
Manufacturers in China report that China’s economy is down, with orders not coming in and many businesses shuttered. Youth unemployment has been a consistent concern since the reopening, with state media reporting on the situation.
Evergrande is incorporated in the Cayman Islands and was founded in 1996.