Woe unto us! 1 Samuel 4:8
"China Evergrande Group, the largest and most indebted, and certainly most insolvent property developer in China, is - together with its $300+ billion in debt - rapidly approaching its "China moment."
The company's statement was also prompted by the growing operational and liquidity crunch that has crippled Evergrande's business and balance sheet, and as Bloomberg reports this morning is now manifesting itself in mounting protests by homebuyers, retail investors and even its own employees, raising the stakes for authorities in Beijing as they try to prevent the property giant’s debt crisis from sparking social unrest.
Five days after reports of a technical default at Evergrande, which slammed China's property market and sent Chinese junk bond yields to the highest level since March 2020, the company took the unprecedented step of publishing a statement on its website, according to which it is "indeed facing unprecedented difficulties but it firmly fulfills responsibilities."
...Police descended on Evergrande’s Shenzhen headquarters late Monday after people gathered to demand repayments on overdue wealth management products.
In what appears the sad - and inevitable - beginning of the end for Evergrande, the largest Chinese developer told employees at its office in Shenyang, near the border with North Korea, to work from home after staffers who bought the company’s WMPs staged a protest over the weekend, Bloomberg reported citing a person familiar with the matter said. In Guangzhou, angry homebuyers surrounded a local housing bureau last week to demand Evergrande restart stalled construction.
Employees of #Evergrande, largest real estate developer in #China, shouting "Return my hard-earned money!" outside the company as Evergrande is not paying them. Is the bubble finally bursting? ZeroHedge