Evergrande

in #money2 months ago

"EVERGRANDE, THE STORY OF A CHINESE COLOSSUS (IN CRISIS)

Evergrande was founded in 1996 in Shenzhen.

Over the years, its core business has focused on the purchase of land and then building residential properties. Behind the advance of this giant is Hui Ka Yan, a former worker in the steel industry. A man who rode the real estate boom in China to become one of the ten richest men in the country.

Evergrande to date has over 1300 real estate projects in nearly 300 cities in China; it employs 200,000 employees, which rises to 3.8 million if we calculate the induction of a sector, the construction sector, which has changed the urban face of China in recent decades.

The problem is also how the company has managed its affairs and the matter is more serious than ever.

Savers would in fact have invested their money in Evergrande even before the construction sites started (and therefore their houses were built); in addition, over 100 banking institutions are exposed with loans that will not be repaid.

In short, a mountain of $ 300 billion in debt.
Will it be a Chinese Lehman Brothers?

We will find out soon… 📰 ”cit. Alfio Bardolla

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