Inter owners Suning concerned as Evergrande default

by Susy Campanale | Nov 10, 2021

https://football-italia.net/inter-ow...rande-default/



Inter owners Suning could be in for a very heavy financial hit, as Chinese giants Evergrande have defaulted and are expected to be declared bankrupt tomorrow.

Bloomberg confirm China Evergrande Group defaulted on interest payments to international investors.

German market screening agency DMSA have started bankruptcy proceedings, calling on all bond investors to join, so the real estate developers will likely be declared bankrupt tomorrow.

Evergrande already missed several deadlines and extensions on the interest payments before defaulting yet again.

This is very bad news for Inter, because their owners Suning had €2.6 billion worth of shares in Evergrande Real Estate.

There had already been serious liquidity issues at Suning and this will be a further blow to their portfolio.

According to the Bloomberg Billionaires Index, Suning and Inter owner Zhang Jindong has lost $2 billion this year, circa half his fortune.

It will again raise questions on the future of Inter and their plans to sell the club, especially with PIF interested, the Saudi investment fund that has already purchased Newcastle United.