Evergrande’s liabilities stood at almost US$340 billion at the end of 2022, with borrowings totalling US$85 billion.
The company’s woes have come to symbolise the growing crisis in China’s sprawling property sector, which accounts for a huge portion of the world’s No 2 economy that many fear could spill over globally. Evergrande has worked on an offshore debt restructuring agreement for months and unveiled a proposal earlier this year.
But the massive debt accrued by the industry’s biggest players has been perceived by Beijing in recent years as an unacceptable risk for China’s financial system and overall economic health.
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