New Evergrande protests amid reports troubled Chinese property giant ordered to raze development
- 2 years ago
Protests erupted at the Guangzhou office of the cash-strapped property developer China Evergrande Group on January 4, 2022. This as the group announced a new plan for repaying holders of its wealth management products. The news sparked fresh investor concerns the developer would be unable to meet its obligations. With liabilities of 1.97 trillion yuan (US$310 billion), the country’s most indebted developer was also ordered to demolish 39 buildings in Hainan province by the local government.