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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 ExpressEvergrande 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.

Evergrande crisis, Evergrande crisis explained, Evergrande, China Evergrande, Evergrande  stock markets, Indian Express 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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First published on: 24-09-2021 at 09:29:15 pm
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