Quixplained: What is China’s Evergrande crisis?

Evergrande crisis explained: The company has long been the poster boy of the Chinese real estate boom. What went wrong, and what impact will it have on India and the world?

Evergrande crisis, Evergrande crisis explained, Evergrande, China Evergrande, Evergrande stock markets, Indian Express

Evergrande is a Chinese company which started out in 1996 (Express Illustration: Suvajit Dey)

China’s Evergrande Group shares plunged on Monday (September 20) to over 11-year lows, extending losses as executives tried to salvage its business prospects and as default fears grew over a looming deadline for payment obligations.

Evergrande has been scrambling to raise funds to pay its many lenders, suppliers and investors, with regulators warning that its $305 billion of liabilities could spark broader risks to the country’s financial system if not stabilised.

Is Evergrande crisis China’s lehman moment? Evergrande crisis, Evergrande crisis explained, Evergrande, China Evergrande, Evergrande stock markets, Indian Express

Evergrande crisis: What is Evergrande? Evergrande crisis, Evergrande crisis explained, Evergrande, China Evergrande, Evergrande stock markets, Indian Express

Evergrande crisis: What went wrong Evergrande crisis, Evergrande crisis explained, Evergrande, China Evergrande, Evergrande stock markets, Indian Express

Does the Evergrande crisis trigger systemic risks? Evergrande crisis, Evergrande crisis explained, Evergrande, China Evergrande, Evergrande stock markets, Indian Express

Evergrande crisis global impact: India and the world

Evergrande, a company that started out in 1996 selling bottled water followed by a stint in pig farming, now owns China’s top professional soccer team (Guangzhou Football Club, managed by former Real Madrid centre back Fabio Cannavaro), and has long been the poster boy of the Chinese real estate boom. It rode on a sustained property prices surge in China — the main driver of the post-pandemic Chinese economic expansion — to expand into more than 250 Chinese cities selling home-ownership dreams to the country’s middle class.

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Premji said that Wipro would partner with the Government "to find a lasting solution for Bengaluru's mobility challenges".

Wipro rejects Karnataka Govt request to allow public vehicles inside Sarjapur campus

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Wipro, a leading company in Bengaluru, has refused to allow public vehicles inside its Sarjapur campus to ease traffic congestion. However, they have agreed to finance a study to find a solution for the traffic problem. The founder, Azim Premji, believes that the issue is complex and requires expert analysis. Wipro has also committed to funding a significant portion of the study's cost.

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