Evergrande tests China’s commitment to deleveraging
In recent weeks, China’s Evergrande Group has been described by the media as being anything from the next “Lehman moment” to simply “a big mess”.
The empire, founded by billionaire Hui Ka Yan, piled up a total debt load of two trillion yuan ($305 billion) by the end of June, a filing shows. It says its projects house 12 million people, and it holds land reserves of as much as 214 million square metres.
As a liquidity crunch hits the behemoth, the after-effects are rattling not just bondholders
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