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Money

China’s Evergrande crisis is a really big deal even if Beijing again intervenes to “save” the company

Without government intervention China Evergrande, one of the country's biggest property developers, will be forced into a bankruptcy reorganization. The company used promises of above-market returns to raise billions in financing from individual investors through unregulated money management products. Now protesters daily storm the company's offices as Evergrande falls further and further behind on payments to more than 70,000 investors. Construction of unfinished properties with enough floor space to cover three-fourths of Manhattan has come to a halt and a million homebuyers are stuck having made payments to Evergrande but without homes to show from their cash.The housing ministry told Evergrande’s main banks this week that the developer won’t be able to make interest payments due September 20. Evergrande's stock is down 90% from the 2020 high.

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