Big news about Evergrande, a giant Chinese property company! They just announced their profits will be lower this year. This is mainly because of some legal issues and paying taxes late.
It's kind of like if your lemonade stand had to pay a big fine, making your profits smaller. This affects how much money they have.
Let's understand what happened in simple words.
- Evergrande had a legal fight with its parent company.
- They had to pay back a lot of money because of a deal gone wrong.
- This made their profits go down.
| Item | Amount (in Billions of Yuan) |
|---|---|
| Money Evergrande had to repay | 13.4 |
| Expected profit this year | 0.98 to 1.12 |
| Profit last year | 1.56 |
