Chinese authorities are auditing the assets of Evergrande and its billionaire boss to determine if it needs a bailout: Reuters
Chinese authorities are auditing the assets of embattled real estate developer China Evergrande and its billionaire founder, Hui Ka Yan,The audit aims to determine the value of the assets and uncover any hidden assets, according to Reuters, citing two sources with direct knowledge of the matter. The exercise will also enable authorities to decide if Evergrande would require a bailout that involves state-owned entities, they told Reuters.
Shenzhen-headquartered Evergrande is the world's most indebted property developer, with $300 billion in liabilities. Investors are scrutinizing its every move as they fear its collapse could have a domino effect on China's economy — possibly sending the rest of the world into a financial
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