China’s Hengda during the debt crisis reorganizes its business with electric vehicles instead of real estate
China’s Hengda, which is in a crisis of default with over 300 trillion won in debt, is expected to reorganize its business focusing on electric vehicles instead of real estate, the core of the group.
China’s state-run Stock Times reported that Hengda Chairman Xu Jian presented a direction for business restructuring in the company’s internal meeting with a focus on reducing the real estate business over the next 10 years.
Hengda managed to repay about 98.5 billion won in interest on bonds with Korean money on the 21st, ahead of the end of the grace period, avoiding the default crisis.
However, most of the construction projects in Hengda have been halted due to financial difficulties, and debts to be paid still remain.
Yonhap News TV Article Inquiries and Reports: KakaoTalk/Line jebo23
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