China Closes Its Eyes and Hopes the Evergrande Crisis Will Disappear – It Won’t

The Chinese company Evergrande is in a state of disarray. Formerly one of the largest companies in the world, China’s real estate behemoth is now one-tenth of its size, and the worst is yet to come.

We’ve been talking about Evergrande for months. The world’s largest supplier of business paper to China was making progress.

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Although the media does not comment on this, Evergrande reduced China’s total economic output (one-fourth of China’s GDP).

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Things have not been going well for Evergrande in the past few months. Analysis of American Institute for Economic Research provides the latest information on the Evergrande crisis.

China’s largest builder, and one of the largest in the world, is on the verge of collapse. The crisis, which could affect China’s economy, as well as other parts of the world, is affecting major markets around the world. His stories are not encouraging. Evergrande has already dropped a number of interest-bearing coupons on its dollar loan, and soon its list of shares was suspended on the Hong Kong Stock Exchange…

… Evergrande became the largest Chinese house-to-house manufacturer through retail. It currently operates about 800 permanent settlements, mainly in China’s 230 second and highest cities. Although it is a large company that has been developing its business processes for other financial matters, more than 97 percent of its revenue comes from space development.

Evergrande reached its peak at the end of 2017. At that time, it was worth about $ 51 billion, placing it among the top 350 largest companies in the world and among the top 40 largest companies in China. Since then, its value has plummeted, and today it is worth only $ 5 billion. As of now, only 2,650 companies in the world…

… Increased debt to retailers has caused serious problems for Evergrande. Many vendors have decided to stop selling the company, so many home sales activities have ended due to lack of resources. Evergrande’s demise in providing new housing (necessary for the company to survive) has been severely disrupted, as the company acknowledges in its recent quarterly financial report …

… About 90 percent of Evergrande’s buildings and structures are under construction (another 10 percent are completed). According to Evergrande, developing homes will end within a year, but real estate prices are much lower than what the company listed.

The American Institute for Economic Research says that without a miracle, Evergrande is on its way to bankruptcy. This is not surprising and it did not happen for a long time.

The big question is what the economic collapse of Evergrande will mean for China and the rest of the world. It can’t be good.

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