Evergrande: who is Xu Jiayin and how he led his company to have a debt of US $ 300,000 million

  • Cecilia Barría
  • BBC News World

Image source, Getty Images

Caption,

Xu Jiayin’s company, Evergrande, is on the brink of collapse over a debt of about $ 300 billion.

“I firmly believe that with the efforts and hard work of all of you Evergrande will emerge from its darkest moment,” Xu Jiayin, president of the real estate giant, wrote in a letter to his employees this week.

The optimism expressed by Xu in the letter is far from the vision that international creditors and analysts have about the crisis he faces. the world’s most indebted real estate company.

A giant on the brink of collapse that has shaken the stock markets and has raised alarms about a possible “contagion effect” of the crisis to the rest of the Chinese economy and the international financial system.

Evergrande, which manages 1,300 real estate developments in 280 cities in the country, has its creditors -in and outside of China-, its suppliers, its employees and the thousands of families who invested their savings in the purchase of houses and now they fear being ruined.

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