Major Chinese property developer faces default, fans financial woes

Published by
Kyodo News

Major Chinese property developer, Evergrande Group, is facing bankruptcy with its liabilities swelling to 1.97 trillion yuan ($304.6 billion), sparking concern that it could cause another financial crisis such as that in 2008. If Evergrande, which owns a popular soccer club in the country, goes into default, its subcontracting companies would run into financial difficulties, possibly triggering business failures in local banks in China, sources familiar with the matter said. With mounting worries about a potential resurgence of the 2008 global financial crisis caused by the collapse of U.S. se…

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