“Return the money”: Evergrande’s setbacks stir up anger in China – archyworldys

“Give back the money!”: The dissatisfaction of looted owners widened Wednesday in China against the national real estate giant Evergrande, whose financial health continues to worry.

Crushed by a mountain of debt of nearly 260 billion euros in debt, the biggest promoter of the country even hinted on Tuesday that it might not be able to pay its creditors.

What to stir up the anger of the demonstrators, met by AFP, gathered for the third day in a row in front of the headquarters of the group in Shenzhen (south), the ultra-modern metropolis at the gates of Hong Kong. The latter laugh at seeing their dream of becoming an owner turn into a nightmare.

Most have already made a personal contribution to move into the apartment of their dreams. Very often, construction is still not completed and no one knows if they will ever be able to occupy it.

Others have invested in stone or are simple subcontractors or partners of Evergrande. Everyone feels wronged today, like Ms. Hu.

This Pekingese did not hesitate to travel more than 2,000 kilometers to make the voice of her parents heard, who invested in Evergrande thinking they would improve their old age with the frenzy in real estate.

“My father relied on the returns to pay for medical care for my seriously ill mother,” said Ms. Hu, who does not want to give her full name.

Today, they find themselves penniless when Evergrande “had promised a high return on investment”, she loses her temper. “For my mother, I have to get the money back,” Ms. Hu said combatively.

Like her, around sixty people gathered again on Wednesday in front of the Evergrande headquarters. Some sit patiently on the floor.

On the arrival of a man presented as a leader of the group, protesters chant “Evergrande, return the money!”.

– “Disagree with that!” –

In a country where demonstrations are de facto illegal, protesters invaded the group’s premises on Monday, according to images posted on social networks.

Since then, a large police force prevents any demonstrator from entering the offices and tries in vain to disperse the demonstrators.

The police form a human chain and ask the journalists to leave the premises.

According to protesters, Evergrande has promised them in recent hours to repay them with assets.

“They offered us shops, kindergartens and parking spaces, but we can’t do anything about it. Nobody agrees with that!” Says Ms. Wang, employee of a related finance company. business with Evergrande.

“They are trying to cram their rotten assets,” denounces another investor. “These are goods that they cannot sell.”

The real estate juggernaut owes one billion yuan (131.4 million euros) to Mr. Huang’s company, based in Wuhan, some 1,000 kilometers further north.

And he does not want such an agreement with Evergrande either: “These properties are unfinished” and there is no guarantee that they will ever be so, he laments during a telephone contact with the company. ‘AFP.

In the meantime, Mr. Huang’s company had to go out of business, and around 100 people lost their jobs.

Other movements of protests were reported in the provinces of Anhui and Jiangsu (east) and Hubei (center).

According to experts, the group still has to complete 1.4 million homes for a total value of 170 billion euros.

A possible liquidation of Evergrande would have considerable consequences in China, not only on the economy but also on the “social stability” dear to Chinese leaders. The firm says it employs 200,000 people and indirectly weighs on 3.8 million jobs in the country.

bys / apj / sbr / bar / abx