Al Jazeera English published this video item, entitled “Another billionaire helps China’s Evergrande with stake purchase” – below is their description.
Chus are the latest billionaire family to help out their pal, the Evergrande founder, with a 51 percent stake purchase offer.
In China, the property developer Fantasia Holdings failed to make a payment of $205m to its bondholders on Monday.
Investors are already worried that the housing giant Evergrande Group might collapse.
Evergrande is facing China’s largest ever default as it struggles with more than $300bn of debt.
Al Jazeera’s Rob McBride reports from Hong Kong.
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#China #EvergrandeAl Jazeera English YouTube Channel
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In This Story: Hong Kong
Hong Kong, officially the Hong Kong Special Administrative Region of the People’s Republic of China (HKSAR), is a metropolitan area and special administrative region of the People’s Republic of China on the eastern Pearl River Delta of the South China Sea. With over 7.5 million residents of various nationalities in a 1,104-square-kilometre (426 sq mi) territory, Hong Kong is one of the most densely populated places in the world.
Hong Kong became a colony of the British Empire after the Qing Empire ceded Hong Kong Island at the end of the First Opium War in 1842. The colony expanded to the Kowloon Peninsula in 1860 after the Second Opium War and was further extended when Britain obtained a 99-year lease of the New Territories in 1898. The whole territory was transferred to China in 1997. As a special administrative region, Hong Kong maintains separate governing and economic systems from that of mainland China under the principle of “one country, two systems”.
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