China's mom-and-pop investors, homebuyers caught in Evergrande debt crisis

China's mom-and-pop investors, homebuyers caught in Evergrande debt crisis

24/9/2021 7:21:00 AM

China's mom-and-pop investors, homebuyers caught in Evergrande debt crisis

With outstanding debts of US$305bil, it has stopped paying some investors and suppliers.

At an eerily quiet construction site in eastern China's Suzhou, worker Li Hongjun says property developer Evergrande's debt crisis means he will soon run out of food. Christina Xie, who works in export in the bustling southern city of Shenzhen, fears Evergrande has swallowed her life savings.

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The pair, united like legions of others by their connections to the vast China Evergrande Group, show the scale of the challenge facing the Chinese government in managing its financial woes, although economists downplay the risk of a"Lehman moment" style...

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Innovation Awards 2021

We are so lucky LGE did not get to implement a similar type of company here.

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