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Forbes-listed Chinese Magnate LOSES $1BN in Evergrande Panic

Chinese property billionaire Zhang Yuanlin saw his worth drop from $1.3BN to just $250.7MN on Monday, after his Sinic Holdings lost 87% before Hong Kong trading in the group was suspended.

To make matters worse, Sinic have a $245MN bond payout due in less than a month, as Evergrande’s seemingly inevitable collapse has destroyed investor confidence.

The demise of Evergrande has plunged the company’s Super League football club Guahnzhou FC into peril too, with the Guangdong govt and state-owned enterprises set to bail out the club that reportedly bleeds up to $300MN a year.

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04:33 PM - Sep 20, 2021
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