China's Evergrande Group is in deep trouble. A debt restructuring is almost unavoidable at the real estate developer as it struggles to repay even its suppliers. Those wishing for an “orderly wind down” will end up disappointed and empty-handed. Those who come away with any semblance of their investment will have played politics to get to the front of the line. It’ll be like the Hunger Games.
Evergrande’s dollar bond holders need only look at how investors in China have responded to the developer’s latest crisis. Over the years, it sold wealth management products to its suppliers, apartment buyers and even its own employees. For instance, when Evergrande settled construction project costs, it often asked suppliers to buy products sold by Evergrande Financial Wealth Management Co.
Hui clearly felt pressured. On Friday, while presiding over a so-called Evergrande Wealth Conference, he promised to fully redeem his investors as early as possible. “I can have nothing, but Evergrande Wealth’s investors can’t be left with nothing too,” he said, according to Caixin.
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