Critics always regarded Chinese property group Evergrande as an accident waiting to happen. Now, even company bosses are conceding that the expected collision has occurred. Property prices have not rebounded as they hoped. That is reflected in an $81bn loss in results for 2021 and 2022, finally published this week.
Creditors are pushing for the bankruptcy of a real estate unit of Evergrande in the city of Xian. Chinese high-yield dollar bonds have fallen to the brink of distress, signalling the fallout is spreading.
Evergrande’s excessive gearing made it an outlier even within China’s highly leveraged property sector. A weakening economy has now rendered the business more contagious than feared.
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