A brief introduction about the Evergrande developer meltdown currently happening in China and may be set to impact markets across Southeast Asia.
The post The Evergrande Saga – The Biggest Real Estate Meltdown In China appeared first on LUXUO.

The liquidity woes of Evergrande may spread to Southeast Asia property markets and construction supplies even if financial risks are contained. There is growing concern if Evergrande and other property developers come under pressure and default on Southeast Asian overseas projects and suppliers.
Chinese flags are seen near the logo of the China Evergrande Group on the Evergrande Center in Shanghai, China. Image: Reuters
BOXED: Who is Evergrande"

It is a Shenzhen-based developer that employs about 200,000 people and creates 3.8 million jobs each year. Founded by billionaire Xu Jiayin who was once the richest man in Shenzhen. Evergrande boasts to own 1,300 projects in more than 280 cities across China. It even invested in theme parks, electric vehicles, owns F&B businesses, selling bottled water and groceries across China. It even bought a soccer team at a cost of USD 185 million in 2010 which is now known as Guangzhou Evergrande. It was poised to construct the world’s biggest soccer stadium shaped like a lotus flower and will accommodate 100,000 spectators. Troubles surfaced when its debts ballooned and is now have more than USD 300 billion worth of liabilities. So far, Evergrande shares have crashed by almost 85 p...