Once one of China’s most successful developers, Evergrande has been labeled a defaulter and is more than $300 billion in debt. Now it's racing to restructure as bondholders warn of possible enforcement action.
(2 votes)
Evergrande: China's Economic Disaster
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(Site Administrator)
it's a controlled demolition job & the govt isn't bailing it out. They wanted to cool down the housing market anyway. It's a shame for the small investors who may not get their money back :/
one thing I like is that they've forced the CEO to sell the high priced property he owned & pay off some of the debt with that. The guy had a $20 million property in HK's most lucritave suburb while he was running a ponzi scheme type business. Hope he gets cleaned out.