Struggling Evergrande Group should save itself from collapse rather than bet on a government bailout, said Hu Xijin, the editor-in-chief of the Chinese Communist Party (CCP) mouthpiece media Global Times. Over the years, China’s second-largest property developer Evergrande Group has been highly leveraged by driving its growth on debt. Its $300 billion in total liabilities…
Chinese State Media Editor Warns Evergrande Over Dreaming of a State Bailout
As China Evergrande’s Debt Crisis Deepens, Unpaid Small Business Owners Speak of Despair
September 16, 2021
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ChinaChina Business & Economychina evergrandeChina Evergrande Groupconstruction companyproperty developer
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SHENZHEN, China—Wu Lei says his small construction company in central China has accepted commercial paper from property developer Evergrande as payment for two years but with that paper’s value now in doubt, his firm is on the verge of collapse. China Evergrande Group, saddled with more than $300 billion in total liabilities equivalent to 2…
Evergrande Default Could Rock China’s Entire Economy
September 16, 2021
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AnalysisBusiness & EconomyChinaChina Business & EconomyChina debt marketChina Evergrande GroupChina Huarong Asset ManagementCompaniesdefault on paymentsOpinionThinking About China
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Analysis China’s public debt already stands at 270 percent of GDP, and non-performing loans have hit $466.9 billion. In addition to existing economic challenges, real estate giant Evergrande Group has signaled that it may default on payments owed to creditors. China’s second largest developer has been facing a liquidity crisis as its onshore bond trading…
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