Unpaid by Evergrande, supplier sells car and home to rescue his business

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South China Morning Post published this video item, entitled “Unpaid by Evergrande, supplier sells car and home to rescue his business” – below is their description.

Guo Hui, a supplier for China’s Evergrande Group, is selling his car and home to pay debts and wages after payments from the real estate company dried up. The 50-year-old’s firm provides cleaning and repair services for the real estate giant’s apartments, but he said the payments stopped in June.

Evergrande has run short of cash and is now US$305 billion in debt. Its crisis has pushed many suppliers like Guo to the brink of bankruptcy.

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About This Source - South China Morning Post

The South China Morning Post (SCMP), with its Sunday edition, the Sunday Morning Post, is a Hong Kong-based English-language newspaper founded in 1903. It is Hong Kong’s newspaper of record, owned by Alibaba Group.

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