China’s Largest Real Estate Developer About to Collapse
Things are about to get rocky in the world of real estate.
------------------------------
“There are more than 1.5 million Evergrande customers who put down payments on yet-to-be-completed condo building projects. “
China’s Evergrande Group customers and employees demonstrated this week as the world's largest developer faces soaring probabilities of default.
The developer is stuck between a rock and a hard place as it struggles to restart stalled construction work due to its whopping $148 billion owed in trade and other payables to suppliers as of June. The company has more than $300 billion in liabilities and has been dubbed "China's Lehman." However, Beijing gave the company a lifeline Thursday by renegotiating payment deadlines with banks and other creditors.
There are more than 1.5 million Evergrande customers who put down payments on yet-to-be-completed condo building projects.
This week's protest could be an ominous sign of more social unrest to come.