One of China's largest real estate developers, Evergrande employs lakhs of people. Concerns over inability of the real estate giant to pay interest on debt obligations. Lenders of Evergrande have reportedly appointed a receiver to seize the Hong Kong HQ. Apart from housing, the group invested in electric vehicles, sports & theme parks. Evergrande debt spiralled over the years as it borrowed to finance various pursuits. A key pillar of the Chinese economy, property demand entering a period of decline. China's new rules on how much developers can borrow dealt a big blow to Evergrande. The Xi Jinping regime knew the new rules would hit heavily indebted developers. Evergrande, relying on borrowings, was forced to sell assets at discounts.
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