China Evergrande is lurching from one crisis to another. From its home delivery snag to ongoing debt repayment troubles, more than US$52 billion of market value has been erased from the slump in its two flagship entities in Hong Kong over the past 12 months.The group had 1.97 trillion yuan (US$309 billion) of liabilities, making it the nation’s most indebted developer. Chinese government officials have pinned the blame squarely on its “poor management” and “reckless expansion” into an array of…
Source : South China Morning Post
Read more…Evergrande crisis: four grandiose projects that sum up indebted Chinese developer’s ‘reckless expansion’
