Zhang Jindong, owner of the Holdings Group for Inter owners Suning, has confirmed that the debt situation at the Chinese company is stabilizing.
Writing in his annual letter to investors at the company, the Suning founder explained that the company is dealing with the debt and liquidity issues which they have faced especially since the pandemic began.
Suning have been dealing with debt problems for some time, which have been part of the reason why the company has not been able to invest in the Nerazzurri who have faced their own financial woes.
The debt and liqudity problems at both Inter and Suning only intensified during the pandemic, which resulted in the Nerazzurri needing to make significant player sales over the summer in order to keep things financially secure.
The continued viability of Suning’s ownership of the Nerazzurri has been in some question due to the financial problems at the company, as well as with the Chinese government’s regulations against investment in sport.
It remains to be seen what the effects of this upturn in the Chinese company’s fortunes will be for Inter, but for now at least there may be one less factor restricting the club financially as Suning’s debt situation stabilizes.
Zhang writes that “With the support of the Chinese government and through our continuing efforts, the debt problem at our group has gradually stabilized, and Tesco’s operations are also recovering in an orderly manner.”