Evergrande chairman has sold $1.1 billion worth of his personal assets to prop up the company, Chinese state media reports
CNN
Evergrande chairman Xu Jiayin has sold more than 7 billion yuan ($1.1 billion) worth of personal assets to prop up his embattled company, Chinese state media reported this week.
Xu has sold several houses in Hong Kong, Guangzhou and Shenzhen, as well as some private jets, the state-owned China Business News reported Tuesday, citing anonymous sources close to the matter.
The cash, which Xu has been pumping into Evergrande since the beginning of July, has been used to "maintain the basic operations of his huge business empire," the paper reported, adding that the money has been used to pay staff salaries, interest payments on some bonds and cash owed to investors in its wealth product. The money has also gone toward finishing property projects across China.
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