He continued by saying that Evergrande even had a money management solution that workers had to make deposits into.
For instance, mid and top management executives may need to payment more, while local employees must deposit US$ 13, 780. The funds may be redeemed after a year has passed, but many of our coworkers were unable to do so after that time. He claimed that there was no cash.
Online data have revealed a lengthy record of court cases filed against Evergrande and its affiliates regarding unpaid salaries and contract violations, even though CNA is unable to confirm his statements. & nbsp,
UNRAVELLING CHINESE Sector
As businesses have reduced choosing and fewer people are purchasing homes, the reversal of fortunes of China’s top real estate developers poses a threat to the country business.
According to statistics from the China Construction Industry Association released in June of this year, there are 1.5 million fewer tasks in the construction sector today than there were a year ago.
” China had roughly 100,000 real estate developers prior to COVID in or around 2019″ According to official data, more than 5,000 real estate developers have filed for bankruptcy, and this method is still ongoing, according to Wang Dan, chief economist for Hang Seng Bank.