It’s official, Inter owners Suning Holdings Group, led by chairman Steven Zhang, are expected to be on the receiving end of a huge financial blow due to the default on interest payments by Chinese real estate developers – the Evergrande Group.
The default inflicted by Evergrande lies upon interest payments to international investors, among the lot being Inter’s parent company who reportedly had €2.6 billion worth of shares in Evergrande Real Estate. Moreover, as reported by Bloomberg Billionaires Index (via Football-Italia), Suning have lost €2 billion this year, which is nearly half of its valuation.
BREAKING: China’s Evergrande has officially defaulted, DMSA prepares to file bankruptcyhttps://t.co/Xqyk5OFpt0
— Insider Paper (@TheInsiderPaper) November 10, 2021
This very well means a financial downfall for Inter, who already succumbed to their worst ever financial season in history, astonishingly during their 2020/21 Scudetto winning season.
The news of Evergrande’s default comes weeks after Newcastle United owners, led by the Saudi-led Public Investment Fund, were linked to overtaking proprietorship of the Milan giants.
The sudden developments will undoubtedly put majority shareholder Suning, LionRock Capital, Pirelli and other minority shareholders under the spotlight regarding the future of the club’s ownership.