What You Need to Know About Evergrande


News Analysis The financial woes of Evergrande have rippled through global financial markets, while investors are bracing for more volatility as Evergrande’s situation unfolds. So, what is Evergrande, why is it in the news, what went wrong, and what might happen next? What is Evergrande? Evergrande is a behemoth of a property developer in China. It owns 1,300 projects in more than 280 cities and is China’s largest property developer by sales.  But it does a lot more than property development. Its business has expanded to include theme parks, electric vehicles, financial services, mineral water and it even owns a soccer team (Guangzhou Evergrande FC). Why is it in the News? Evergrande is estimated to have an eye-watering $300 billion of debt and is now struggling to pay its creditors. On Sept. 23, Evergrande had $83.5 million in interest payments due on dollar-denominated bonds. The Wall Street Journal reported that …

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