![]() ![]() ![]() But that business model has been scuttled by hundreds of new rules designed to curb developers' debt frenzy and promote affordable housing. Too big to fail?įounded in Guangzhou in 1996, the developer epitomized a freewheeling era of borrowing and building. The source was not authorized to speak with media and so declined to be identified.Įvergrande's woes have been snowballing for months and its dwindling resources set against its vast liabilities have wiped out 80 per cent of its value. Teetering property developer Evergrande sparks fears instability will spread through China's economyĮvergrande did not respond to a request for comment. ![]()
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