China's second-richest person turned into pauper...
China's second-richest person turned into pauper...
China's economic condition is on the verge of destruction due to Corona. Here the maximum loss has happened in the real estate sector. In such a situation, the situation of Evergrande Group, the giant of this area, has happened. In such a situation, it has had a bad effect on the property of the chairman of the group and the second richest person in china, 'Hui Ka Yan'. In such a situation, within just three years, the businessmen came to the floor from Arsh, the main reason for which has been proved to be Corona.Due to the tsunami in the real estate sector, the debt burden on the companies was such that due to its grip, the property of the Chinese billionaire vehicle has decreased by 93 percent. 3 years ago, Hui Ka Yan had assets of $ 42 billion, in which the net worth of $ 39 billion was cleared. Let us tell you that not only Yan, since the beginning of Corona, China's 5 richest real estate giants have suffered a total loss of more than $ 65 billion. Let us tell you that the chairman of Evergrande Group, the most successful businessman in the world's second largest economy china, was declared the second richest person in the country in the year 2020 itself, but now he is being counted among the businessmen who have lost the most property.Significantly, the last three years proved like a nightmare for him. There is also debt pressure on Evergrande and now the company is on the verge of default. In the year 2019, the company was unable to repay the loan and Corona broke its back. To resolve the debt issues, the company plans to raise funds by selling its assets and shares.The condition of Yan's company became worse and cost-cutting efforts were made in Evergrande amid the debt crisis, but the chances of getting the situation right are no less. Due to this, Yan sold some of his houses and private jets to repay the loan. The debt-ridden company is also facing an investigation by the china Securities Regulatory Commission (CSRC) on its financial statements since 2019.
China's economic condition is on the verge of destruction due to Corona. Here the maximum loss has happened in the real estate sector. In such a situation, the situation of Evergrande Group, the giant of this area, has happened. In such a situation, it has had a bad effect on the property of the chairman of the group and the second richest person in china, 'Hui Ka Yan'. In such a situation, within just three years, the businessmen came to the floor from Arsh, the main reason for which has been proved to be Corona.Due to the tsunami in the real estate sector, the debt burden on the companies was such that due to its grip, the property of the Chinese billionaire vehicle has decreased by 93 percent. 3 years ago, Hui Ka Yan had assets of $ 42 billion, in which the net worth of $ 39 billion was cleared. Let us tell you that not only Yan, since the beginning of Corona, China's 5 richest real estate giants have suffered a total loss of more than $ 65 billion. Let us tell you that the chairman of Evergrande Group, the most successful businessman in the world's second largest economy china, was declared the second richest person in the country in the year 2020 itself, but now he is being counted among the businessmen who have lost the most property.Significantly, the last three years proved like a nightmare for him. There is also debt pressure on Evergrande and now the company is on the verge of default. In the year 2019, the company was unable to repay the loan and Corona broke its back. To resolve the debt issues, the company plans to raise funds by selling its assets and shares.The condition of Yan's company became worse and cost-cutting efforts were made in Evergrande amid the debt crisis, but the chances of getting the situation right are no less. Due to this, Yan sold some of his houses and private jets to repay the loan. The debt-ridden company is also facing an investigation by the china Securities Regulatory Commission (CSRC) on its financial statements since 2019.