China Evergrande says hiring more advisers to help deal with debt
One AmericaMAR 28 2022
Doubts remain over the future of the highly indebted Chinese property developer as fears of its liquidation grow. With Hui's freedoms limited and a five-week window to strike a deal, the company may not survive. A failed Evergrande could spill over into other parts of the economy, leading to China's own Lehman-style crisis.
While Western media keeps trying to promote Evergrande's case as if its potential collapse would negatively affect China's economic prospects, the fact is that such claims expose just how little they understand the Chinese development model. Because Evergrande has engendered this crisis by not following Beijing's directions, the group must shoulder its responsibility without a bailout.