News
Evergrande's default is emblematic of the systemic problems Chinese real estate groups are facing. For many years, the real estate boom fueled both the country's credit and construction industries. But now the group's shares are falling to their lowest level in six years. Fears of a domino effect are running high.
By Ning Wang
Just four years ago, Evergrande founder Xu Jiayin was China's richest man for a time. But the real estate conglomerate's mountain of debt keeps growing. Beijing has urged Xu to resolve these problems quickly. But banks and rating agencies are shaking their heads.
By Redaktion Table