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Why Is Everyone Talking About Evergrande?

Sept. 23, 2021, 11:34 AM

Evergrande is the biggest financial worry in China right now, and it’s fast becoming a problem outside of the nation’s borders. In a nutshell, the giant real estate developer is $300 billion in debt and widely expected to default on bond payments. The group owns 1,300 projects in more than 280 cities. But its reach goes way beyond building homes. Its billionaire owner Hui Ka Yan has his fingers in pies from electric vehicles, to media production, to mineral water and soccer.

The company’s woes started in 2020, when Evergrande reportedly sent a letter to the provincial government of Guangdong, warning officials of a ...

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