The rescue of embattled Chinese property company Evergrande appears to have stalled, leaving the developer on the brink of default and threatening to unleash contagion through the country’s giant real estate sector, home prices and the economy.
The problems enveloping Evergrande, which has eyewatering total debts of $305bn, have hung over global financial markets in recent weeks and helped curb China’s post-pandemic recovery.
That’s what the PRC announced a few weeks back, I wonder what happened to that? Thought they’d gone through with it by now.
They haven’t taken any action yet, just letting it simmer for now.