While the giant real estate company Evergrande in China has been at the top of the economic headlines recently, those who come across these news often ask the following question: What is this Evergrande story?
Evergrande, an important player in the real estate sector of China’s rapid growth momentum, had a difficult time when the flow of finance began to cease. Its accumulated debts reached $300 billion.
Currently, the company is in the middle of the debt crisis, while the number of residential and commercial units under construction is around 1.4 million. This situation also causes the crisis to have an impact on the social sphere. Nearly 10 million people are waiting for the company to complete their work, angry savers are staging protests.
Bloomberg HT Beijing Representative Sadi Kaymaz explained the main lines of the Evergrande crisis.