Sinic lost more than $ 1 billion due to the collapse of Evergrande

Shanghai chief executive Sinic Chang Yuanlin lost more than $ 1 billion on Monday as fears of a possible collapse of real estate giant Evergrande caused panic on the Hong Kong Stock Exchange. Sinic Holdings Group was forced to stop trading its shares on Monday after their price fell by 87 percent. The chairman's net worth fell from $ 1.3 billion (€ 1.1 billion) to $ 250.7 million. Chang Yuan-lin was on Forbes magazine's list of billionaires only this year. He earned on apartments in high-rise buildings, which is now a very vulnerable market segment, as the possible collapse of real estate giant China Evergrande is causing panic. According to Bloomberg, Sinic recorded a sudden sell-off and a huge increase in the volume of trades in its shares in the hours before the suspension of trading. It happened just a few weeks before he had to pay off 9.5 percent of his $ 246 million debt on October 18. Sinic is one of many companies whose asset values are declining due to investors' fears that Evergrande will not be able to pay interest on the bond this week. Given that the real estate sector is estimated to account for more than a quarter of China's gross domestic product (GDP), there are concerns that its problems are spilling over into the domestic and global economy. The crisis has even provoked rare protests from investors and suppliers demanding a refund. Some of them claim that they owe them up to a million USD.