“Great forever” is the literal translation of “Hengda”, the Chinese name for real estate developer Evergrande.
An empire that has grown so big that since last summer the threat of bankruptcy has shaken the financial markets of Hong Kong and Shenzhen and even beyond the Great Wall.
Twenty-five years after its creation, the future of the former number one in Chinese home sales is in serious jeopardy.
But contrary to what some feared throughout a worrying fall, the collapse of this group to more than 123,000 employees will not have occurred in 2021.
After having known a dazzling success, the empire finds itself today strangled by a colossal debt estimated at 275 billion euros (300 billion dollars), or 2% of Chinese GDP.
On December 10, the financial rating agency Fitch declared the promoter in formal default.
Evergrande, after a grace period, had not repaid creditors.
Thursday, December 30, the action, has ...
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