Post by michaelw on Sept 25, 2021 6:54:51 GMT -5
Wow, this is even uglier than I thought...
www.nytimes.com/2021/09/19/business/china-evergrande-debt-protests.html
How much were Evergrande workers forking over to the company?
That's a lot of money.
I rarely get to say this, but if China lets this company fail, they would be setting a great example for others countries, especially the US. (They should still make sure all workers get back everything they're owed, but that doesn't mean the company needs to have a long-term future.)
BTW, the chairman of Evergrande, Xu Juiyan, made billions from being the company's largest shareholder. I wonder how much he chipped in.
www.nytimes.com/2021/09/19/business/china-evergrande-debt-protests.html
When the troubled Chinese property giant Evergrande was starved for cash earlier this year, it turned to its own employees with a strong-arm pitch: Those who wanted to keep their bonuses would have to give Evergrande a short-term loan.
Some workers tapped their friends and family for money to lend to the company. Others borrowed from the bank. Then, this month, Evergrande suddenly stopped paying back the loans, which had been packaged as high-interest investments.
Some workers tapped their friends and family for money to lend to the company. Others borrowed from the bank. Then, this month, Evergrande suddenly stopped paying back the loans, which had been packaged as high-interest investments.
How much were Evergrande workers forking over to the company?
Company management said the investments were part of “supply chain financing” and would allow Evergrande to make payments to its suppliers, Mr. Liu said in his interview with Anhui. “Because we employees had to complete a quota, we asked our friends and families to put money in,” he said.
Mr. Liu said his parents and in-laws had invested $200,000, and that he had put about $75,000 of his own money into Evergrande Wealth.
Mr. Liu said his parents and in-laws had invested $200,000, and that he had put about $75,000 of his own money into Evergrande Wealth.
That's a lot of money.
I rarely get to say this, but if China lets this company fail, they would be setting a great example for others countries, especially the US. (They should still make sure all workers get back everything they're owed, but that doesn't mean the company needs to have a long-term future.)
BTW, the chairman of Evergrande, Xu Juiyan, made billions from being the company's largest shareholder. I wonder how much he chipped in.
