The construction workers who built the half-completed outer shells of the Evergrande arrived at the site to demand payment for their services in excess of four months. Unfortunately, the workers are part of the
The Evergrande crisis, if it can be called so is the first of China’s crackdown on the real estate industry bloated with debt, $300 billion in Evergrande’s case. China is looking to reduce the amount of debt property developers can access, and Evergrande is the first of many to take the literal fall.
Evergrande is one of China’s foremost estate developers and is scheduled to pay back a $47.5 million dollar-bond interest payment. Some shareholders are yet to receive an interest payment of $83.5 million. The deadline was yesterday, it is presumed that if they default, the global economy could be immensely affected.