At the end of June, Evergrande had nearly 2 trillion Yuan (USD309 billion) of debt on its books. It is on the verge of debt restructuring or even bankruptcy, many institutions believe. A bankruptcy would amount to a financial tsunami, or as some analysts put it, “China’s Lehman Brothers”. The American investment bank’s 2008 collapse triggered a global financial crisis.
Denise Jia For the past two months, hundreds of people have been gathering at the 43-floor Zhuoyue Houhai Center in Shenzhen, where China Evergrande Group’s headquarters occupy 20 floors. They held banners demanding repayment of overdue loans and financial products. Police with riot shields had to be on site to keep things under control.The demonstrators are construction workers at the property developer’s housing projects, suppliers providing
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