Home » today » Business » Inter, Evergrande towards bankruptcy: Zhang’s 2.6 billion are at risk | First page

Inter, Evergrande towards bankruptcy: Zhang’s 2.6 billion are at risk | First page

Bad news arrives from China for Inter. The heavy economic crisis of the Chinese real estate group Evergrande may also have repercussions on the Nerazzurri company. According to Milano Finanza, the international rating agency Fitch has decreed the bankruptcy of the Asian giant which still had some serious unresolved pending.

THE INVESTMENT – Among these, as reported by Corriere dello Sport there are approximately 2.6 billion euros that Chinese President Zhang Jindong had invested by subscribing class A shares of Evergrande Real Estate in 2017, as part of a capital raising operation on the market. Four years ago, China’s real estate sector was booming, the prospect was for major gains; in recent years, however, the cooling of the Chinese economy has changed the scenario. And now, in the event of Evergrande’s default, Inter’s number one would lose those 2.6 billion euros invested at the time.

THE WAIVER – A major problem for the Nerazzurri president, who in 2020 he renegotiated the agreement by renouncing the repayment of the loan and keeping the stake fixed, to avoid an Evergrande liquidity crisis. The situation that is emergingHowever, it also has an impact – and not a little – on Suning’s increasing debt: before the latest news reported by Fitch, according to which it is not taken for granted that an intervention by the Beijing government can save the scenario, in recent months there has been a major collapse in the value of the shares held by the parent company of Inter.

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.