Property developer evergrand is struggling to cover its debts. The company appealed to local government officials for help in averting a cash crunch. Authorities, convinced by the pendemic that risk prevention was more important than ever, ordered evergrand and other top property developers to cut their debt. This month, chinese authorities told major lenders to evergrand not to expect interest payments due on some bank loans in past chinese housing slumps.
This week's International Cover Story for Bloomberg Businessweek: "Evergrande Debt Crisis Is Financial Stress Test No One Wanted" Read by Bloomberg's Mark Leydorf.
China’s real estate powder keg threatens President Xi’s drive for stability—and may yet force a too-big-to-fail moment with global implications.
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