Commentary
Beijing continues to promote its continuing battle to open its economy and nation as China struggles to recover from a slow economy and is under pressure from U.S. sanctions on tech companies. Evergrande serves as a reminder of why international companies are hesitant to conduct business in the Middle Kingdom.
Evergrande is a Chinese real estate developer that has almost all of its resources on the Chinese island. Even though a Hong Kong court has ordered it liquidated, the likelihood that Chinese authorities and local governments may carry out the decision seems at best remote. It has not made any debt payments in more than two decades. With around$ 300 billion in debt and practically zero cash, this company has minimal hopes….
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