Since September, the name Evergrande has caused panic on stock exchanges around the world. Paralysed by $300 billion in debt (€260 billion), or the equivalent of 2 percent of Chinese GDP, the country's second-largest real estate developer is now threatening Chinese growth. Evergrande has more than 1,300 construction projects across China, as well as financial products, electric cars, livestock, bottled water and even a football club.
For years, the property giant has been piling on debt to finance its activities. But with the Chinese authorities cracking down on the criteria for borrowing, Evergrande has been hit by a string of defaults and has no cash left to complete its projects. Suppliers remain unpaid and buyers still have no idea if they will ever get the home they paid for. Our team reports.
Programme prepared by Yong Chim.
Programme first broadcast on November 23.
