Cash is so short at China Evergrande Group that it's paying bills with unfinished apartments. The party has ended for the world's biggest real-estate boom.
In a risky race against time that ran for two decades, China Evergrande Group turned billions of dollars in borrowed money into the dream of homeownership for millions of Chinese citizens.
It launched project after project in every Chinese province, selling apartments years before they were completed and scratching together enough cash to stay just ahead of massive interest bills.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
China Evergrande is not 'too big to fail', says Global Times editorThe editor-in-chief of state-backed Chinese newspaper Global Times warned debt-ridden property giant Evergrande Group (3333.HK) that it should not bet on a government bailout on the assumption that it is 'too big to fail'.
Read more »
At unfinished Evergrande apartments in central China, buyers seek answersA steady stream of anxious apartment buyers flowed into the sales office of the Evergrande Oasis complex outside the city of Luoyang this week, seeking answers after construction was halted by the giant developer's severe cash crunch.
Read more »
Opinion | How to Deter China From Invading TaiwanFrom WSJopinion: By acting swiftly, the U.S. and Taiwan can dissuade Xi Jinping from making what could be the most disastrous geopolitical calculation since 1939, write Robert C. O’Brien and Alexander B. Gray
Read more »
Biden announces joint deal with U.K. and Australia to counter ChinaThe new allies' agreement will include cooperation on nuclear-powered subs, AI and cutting-edge defense tech.
Read more »
China and France left fuming at U.S. nuclear sub pact with AustraliaAt a news briefing Thursday, Chinese Foreign Ministry spokesman Zhao Lijian said the pact “seriously undermined regional peace and stability, exacerbated the arms race and undermined international nuclear nonproliferation efforts.”
Read more »
China astronauts return after 90 days aboard space stationBEIJING (AP) — A trio of Chinese astronauts returned to earth Friday after a 90-day stay aboard their nation’s first space station in China’s longest mission yet. Nie Haisheng, Liu Boming and Tang Hongbo landed in the Shenzhou-12 spaceship just after 1:30 p.m.
Read more »