Earlier this week Evergrande's headquarters were besieged by investors demanding that their money be returned
The company has debts of around $300bn, the most of any property group in the world. On September 13th its headquarters in the southern city of Shenzhen were besieged by investors who were demanding that their money be returned. Similar scenes were witnessed at Evergrande offices in several other cities. In one video circulating online a woman yells into a loudspeaker, demanding answers from Evergrande staff.
Many of the people who have been protesting have put cash into financial products managed by Evergrande. Others are suppliers and contractors owed payment for their work on projects that have stalled all across China. In recent weeks the company has tried to sell off some of its unfinished housing developments in order to pay down its debts. Some videos also purport to show frustrated employees berating their bosses .
Chinese authorities are adept at managing small protests, which they often refer to as “mass incidents”. When China’s 1trn-yuan peer-to-peer lending boom came to an end in 2018, tens of thousands of ordinary people turned up on the doorsteps of companies that had swallowed their savings instead of providing the promised returns. These incidents were diffuse. It was rare for more than 100 people to protest at any given site.
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