A potential deal to help Evergrande pay off its massive debt has fallen through. Now China s second biggest property could collapse in days if it misses a key debt deadline extension.
The possible messy collapse of Chinese property giant Evergrande is worrying the Reserve Bank of Australia. They are also concerned about Xi Jinping s common prosperity policies.
The collapse of the talks for the landmark building's sale is another setback for cash-strapped Evergrande which has been scrambling to divest some assets to repay creditors knocking on its doors.
Xu Jiayin, a former steel factory technician, was just 37 when he founded Evergrande in 1996 in the southern Chinese city of Guangzhou. The man who grew up on dirt floor became a billionaire.