Indebted property developer China Evergrande is fighting the protests of disgruntled investors. Cries from patrons of its residences might develop even louder.
Particular person traders protested exterior Evergrande’s headquarters Monday as some wealth-management merchandise backed by the developer didn’t pay out on time. Movies of the protests have gone viral on Chinese language social media. Evergrande stated Tuesday that two of its subsidiaries didn’t discharge their obligations as guarantor for round 934 million yuan, the equal of $145 million, of wealth-management merchandise issued by third events.
https://www.wsj.com/articles/evergrandes-cash-problem-is-now-beijings-political-problem-11631618922?mod=rss_markets_main | Evergrande’s Money Drawback is Now Beijing’s Political Drawback