- September 28, 2021
- Posted by: Stratford Team
- Category: Business
GUANGZHOU, China, Sept 28 (Reuters) – Guo Hui, whose cleaning business is owed 20 million yuan ($3.1 million) by embattled real estate giant China Evergrande, is counting on the government to fix a crisis that has left his own company on the brink of bankruptcy.
In the meantime, the 50-year-old known by friends and colleagues as “Brother Hui”, has sold his Porsche Cayenne and put his apartment on the market in a scramble to raise cash to pay debts and wages.
“We’ve reached out to those in charge but they either say they have no money or don’t know when they can settle the payments,” Guo said from his office at the back of a building in a street in Guangzhou’s Tianhe district that is lively with small restaurants and stalls.
His case is typical of countless suppliers left on the hook by China Evergrande, based in nearby Shenzhen, which was the country’s top-selling property developer before running short of cash this summer under the weight of $305 billion…