According to the report, Zhang Yuanlin, chairman of the board of Sinic Holdings Group, saw his network worth $ 1.3 billion to $ 277 million on Monday morning. Forbes when its company had to stop trading in Hong Kong after a drop in prices.
HONG KONG: The owner of the Shanghai Company lost more than $ 1 billion on Monday because it fears the Chinese Evergrande store will cause turmoil in the Hong Kong retail market.
According to Forbes, Chinese Sinhang Holdings Group chairman, Zhang Yuanlin’s net worth rose from $ 1.3 billion on Monday morning to $ 77.77 in the afternoon when his company was forced to close trading in Hong Kong after its price fell 87 percent. . .
Zhang appeared on Forbes ’list of the richest people in the world this year, and was successfully built in tall buildings — now the state-owned Chinese Evergrande is feared to collapse.
In the hours leading up to the arrest, Sinic’s revenue rose sharply and the number of shares rose in the weeks leading to 9.5 percent from $ 26 billion, according to Bloomberg on October 18th.
The company is one of many closed because of fears that Evergrande – one of China’s largest companies – will not pay off its debts this week because it has too much debt. Three hundred billion.
The industrial sector accounts for more than a quarter of China’s GDP, and deregulation of national and global economies remains a concern.
During the crisis, demonstrations took place outside the company’s offices, where traders demanded and sold money – some claimed to owe up to a million dollars.