Evergrande a grande-sized problem
Markets worldwide shook yesterday following news that China’s biggest property developer Evergrande is on the brink of collapse. Until recently, the real estate giant was riding high, and that saw the company take out big loans. But in August, the sector was hit by government controls to improve housing affordability, forcing Evergrande’s debts past US$300 billion. With that sort of debt comes a big interest bill that it’s struggling to pay… Chinese regulators say its collapse would be bad for the country’s economy. And analysts fear the impact felt by banks and other companies linked to Evergrande could cause mayhem in world markets because of #globalisation.
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