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Heavily Indebted Chinese Developer Sees Investors Crowd Headquarters in Protest

Amnon Free Press/Central Press Syndicate, USA. Read, Enjoy and Share the Latest US News Updates.

Thousands of disgruntled investors besieged the headquarters of the world’s most indebted property developer in China to demand repayment of loans and financial products on Sept. 13. Evergrande first warned in August of liquidity and default risks if it fails to raise cash and resume construction. On Sept. 8, investors found the company had suspended payments to its wealth management products, raising panic among investors who have been protesting since last Friday, fearing their money will all be lost. Simultaneous rallies then emerged in major Chinese cities including Shenzhen, Chongqing, Chengdu, Xi’an, Mianyang, and Handan. “Return our hard-earned money,” most slogans read, also called out by crowds. Videos circulated on social media show that the local government mobilized a large volume of the police force to monitor attendees. “We just arrived at the entrance and were beaten by security guards with batons,” a protester in Handan told The Epoch Times …

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