Tag: Xia Haijun

Chinese Troubles! China Evergrande CEO and CFO Resigned Over Suspicious Loan Scheme!

Economics and Finance Mark Lagarde - July 23, 2022

China Evergrande, the embattled Chinese real estate developer, announced that its CEO Xia Haijun and its CFO Pan Darong had resigned. The company struggled to manage its crushing $300 billion debt and defaulted in December. China Evergrande said it had asked its CEO, CFO, and another executive to resign over their involvement in a loan scheme to funnel $2 billion into Evergrande’s coffers via subsidiaries and third parties.

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