Beijing decided to burst China's property bubble. Now the world's most indebted company is teetering

It was once a darling of China's booming property sector, expanding into football teams, infant formula and electric cars.

"I'm devastated," one employee told the ABC outside Evergrande's Shenzhen headquarters this past week.She declined to give her name but was among a small group of employees demanding the company return money that staff invested in its wealth management products. Employees are just one of the stakeholder groups losing out in a slow-motion collapse that could ripple through the world's second-largest economy, knocking down demand for Australian resources exports in the process.Another group demanding payment are thousands of business suppliers, who have sold Evergrande everything from painting services to pipes to cement.

Evergrande has more than 70,000 investors and stalled construction on homes for more than 1 million home buyers. Such spectacles, along with an estimate of more than 65 million empty apartments across the country, has long fuelled speculation of a looming collapse in China's property sector."We think some recent headlines related to China's 'Lehman moment' are too pessimistic and exaggerated," a recent research briefing from financial services group Nomura said.

It went wrong because it had too much debt of its own. Can that be linked to Beijing?

Well done!

I'd like China to foreclose on USA debt

Don’t we wish there is someone to burst our property bubble?

CCP are assholes

This like the US mortgage bubble of 07-8’ bursting will have global effects

Its good that housing prices arnt in the RBAs mandate then huh.

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