The news of Jiayin Xu’s suicide has gone viral online. The Chinese billionaire reportedly committed suicide, according to a number of media sources.
The founder and previous chairman of China Evergrande Group was Jiayin Xu, sometimes referred to as Hui Ka Yan. It is one of the biggest developers of real estate in the nation.
At one point, he held the title of second-richest person in Asia, with a $42 billion net worth as of 2017.
Unfortunately, Evergrande’s financial problems have caused a significant fall in the company’s image and riches, raising the possibility of a wider collapse in China’s real estate market.
Rumors of the businessman’s death have been rife amid increasing pressure from suppliers, creditors, investors, and homebuyers.
Suicide News About Jiayin Xu Have Been Abounding
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Although there have been many rumors about Jiayin Xu’s purported suicide, it is important to note that these stories are yet unverified.
According to rumors, the well-known billionaire jumped from a building to end his life because of the company’s enormous $327 billion debt.
These assertions have not yet been supported by an official report.
Regretfully, there have been similar online rumors before.
A similar claim that generated a big stir in late 2022 was quickly disproved by Chinese media sources.
It is important to note that Evergrande has been experiencing financial difficulties.
In light of this, Xu Jiayin is often the focus of rumors that speculate about his death or self-harm as a means of escaping the rising debts.
Many contend that he is just unable to handle the group’s enormous debt burden.
Additionally, the public now primarily believes in this kind of news for this reason.
However, as they are yet unconfirmed, the reports of Jiayin Xu’s purported suicide should be treated with caution.
It is well known that the group is having serious financial issues, which fuels the continuous rumors.
To comprehend the true circumstances surrounding Xu Jiayin and Evergrande as this crisis develops, it will be crucial to rely on official reports and independently verifiable facts.
Is Jiayin Xu Arrested? Is He Charged?
Jiayin Xu is neither under arrest nor facing any criminal charges. In any case, there hasn’t been a formal report on the matter.
China Evergrande Group is in a terrible predicament as it struggles to try to restructure its enormous debt, according to recent reports from Forbes.
The decision to scrap Evergrande’s intention to issue fresh notes to cover its current offshore debt is a major blow.
Disappointing real estate sales numbers and an ongoing investigation into one of its companies had an impact on this decision.
In addition, the business is facing a winding-up petition in Hong Kong courts, which might result in liquidation in the event that creditors cannot be reached to an arrangement.
The ramifications of Evergrande’s problems go far beyond the business. They are affecting the confidence of investors as well as the general stability of China’s real estate market.
Some analysts, however, believe that the firm is still motivated to pursue a restructuring agreement since liquidation would have disastrous effects on the business and its stakeholders.
Evergrande has previously presented a number of alternatives to its creditors for the conversion of their debt into fresh notes or equity-linked securities.
Even if the future is unknown, it is obvious that the company’s financial problems must be addressed.
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