In the beginning, Hui Ka Yan followed a simple formula. It transformed Hui, a former steel industry employee from a rural village, into China’s richest man. But as Evergrande grew increasingly laden with debt, the company resorted to ever-more unorthodox strategies to generate funds.
Troubled Chinese property giant Country Garden risks defaulting on its bond payments next month, which could have disastrous consequences for the world's second-largest economy.Last week, Country Garden was unable to make two bond payments.
NEW YORK (Reuters) -Global hedge funds are "aggressively" selling Chinese stocks amid heightened concerns over the country's property sector and a weak batch of economic data, a Goldman Sachs report on Tuesday showed. All types of stocks were sold, but A-shares, those listed in the domestic stock market, led the sell-off, comprising 60% of it, the bank said. "Hedge funds have net sold Chinese stocks in eight of the last ten sessions on the prime book through 8/14," it said, adding its clients divested both their long and short positions.
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This time next month, the world's second-largest economy will likely undergo its most radical change in half a century. Current President Xi Jinping is likely to become the first leader in China's modern era to stretch his leadership to a third five-year term. It may also be much longer.