Not Too Big to Fail: Evergrande’s Downfall and What It Could Mean for the Global Economy
Evergrande is one of the biggest companies in China, and consequently one of the biggest in the world.
Evergrande, China’s second-largest real estate developer, is in a quagmire after accumulating nearly $300 billion in debt. Evergrande was touted by investors as ‘too big to fail’ but is now on its deathbed following huge debt accumulated over the last few years.
Evergrande is one of the largest real estate developers in the world and has numerous interests in several sectors including the retail sector, the ride-hailing or taxi apps sector, and also in the tech sector. Due to its numerous investments globally and owing to the fact that companies, employees, and millions across the world have invested with the company, its downfall could deal a huge blow to the global economy.