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Evergrande Founder Summoned By Chinese Government As Cryptocurrencies Slump

December 4, 2021
Source: banklesstimes.com banklesstimes.com
News Snapshot:
The founder Evergrande, China’s biggest property developer, was summoned by the government after the company issued a statement saying it might not have sufficient funds to meet its financial obligations. Evergrande is currently in a huge amount of debt worth $300 billion and has been struggling to meet its commitments. The property developer’s financial problems have ignited concerns about the whole property sector, which makes up a substantial part of China’s economy. Furthermore Bitcoin plunged by 1.68% to $55,456 on Friday, shortly after the Evergrande statement was made. Evergrande made a statement warning of it’s current liquidity situation on Friday...
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Tags: Beijing | bitcoin | blockchain | Bloomberg | Cantonese | cash | Chinese | crypto | currency | developer | Economy | enterprise | Evergrande | finance | financial | fintech | Founder | government | Hong Kong | Hong Kong Stock Exchange | IT | KONG | management | real estate | stock exchange

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