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The Eastern Window: Evergrande crisis may spiral out of control, hit Chinese economy

The Eastern Window: Evergrande crisis may spiral out of control, hit Chinese economy
September 15
10:56 2021

The debt crisis at Evergrande has caused uncertainty in the real estate business as a whole and stirred anxiety among millions of people who have deposited their life savings with different property developers across the country

Saibal Dasgupta

The Eastern Window: Evergrande crisis may spiral out of control, hit Chinese economy

China’s government has finally stepped in to rescue and possibly restructure the China Evergrande Group, the world’s most indebted company with debts exceeding $ 300 billion. It is trying to save the company from bankruptcy after its shares fell by 80 percent. At the core of Beijing’s efforts are concerns that the crisis at Evergrande, the property behemoth, could hit the entire Chinese economy. The property sector accounts for 28 percent of China’s economic output and the government can hardly allow…

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