September 27, 2021
People walk by a map showing Evergrande development projects in China, at an Evergrande city plaza in Beijing, Wednesday, Sept. 15, 2021. One of China’s biggest real estate developers is struggling to avoid defaulting on billions of dollars of debt, prompting concern about the broader economic impact and protests by apartment buyers about delays in completing projects. Rating agencies say Evergrande Group appears likely to be unable to repay all of the 572 billion yuan ($89 billion) it owes banks and other bondholders. That might jolt financial markets, but analysts say Beijing is likely to step in to prevent wider damage.
Photo:Andy Wong/AP
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Build, build, build - STOP!
ActivTrades
Ernst Hemingway once wrote that bankruptcies happen gradually, and then suddenly. Such words seem appropriate to describe the fate of Evergrande, one of China’s largest real-estate developers, that appears set to default on debt interest repayments.
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