Inter, Zhang accuses another blow: Evergrande and yellow bankruptcy

The Suning Group grappling with a new problem from an economic point of view: the denial arrives but the debt remains and the situation worries investors

Another complicated situation for the Suning group, of which Zhang Jindong (owner of Inter Milan ) is one of the main shareholders. Evergrande - which recently racked up $330 billion in liabilities - has indeed sought recognition of ongoing restructuring talks in Hong Kong, the Cayman Islands and the British Virgin Islands. An instance that comes amid concerns that problems in China's real estate sector could spread to other parts of Beijing's economy, where GDP growth is slowing. As a result, the health of Country Garden, China's largest private property developer, is also worrying investors, following the non-payment of some interest this month.

The bond with Inter

This is precisely an issue that closely concerns the ownership of Inter , seen in 2017 Zhang Jindong had advanced capital to Evergrande for an amount of 20 billion yuan (about 2.6 billion euros). Thanks to this support (and that of other private Chinese groups), the company had raised a total of 130 billion yuan (about 16.65 billion euros) , with the promise that in the event that the listing of the class A shares of Evergrande Real Estate had not materialised, at which point the investments would have paid off by March 2021. However, the company clarified - through a note sent by Evergrande to the Hong Kong Stock Exchange, where the shares have been suspended from trading for a long time- " that the company is carrying out its offshore debt restructuring as planned. The filing (ex Chapter 15 filed in Manhattan, New York, ed.) is a normal offshore debt restructuring procedure and does not involve filing for bankruptcy " .