Evergrande and Country Garden: Will China’s Real Estate Crisis Cause a Global Recession?
Économie

Evergrande and Country Garden: Will China’s Real Estate Crisis Cause a Global Recession?

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Many buyers feel helpless and desperate; some went to protest outside the headquarters in Evergrande in 2021.

“When I think about it, I want to cry. It’s hard and I feel sorry for my son and for me.”

In 2021 Guo Tianran [nom fictif] and her husband bought an “off-plan apartment” – units that have not yet been built – from Evergrande, one of China’s largest real estate developers.

With debts estimated at more than $300 billion, Evergrande filed for bankruptcy protection in August.

When the world first learned that the real estate giant had defaulted on its debts in 2021, the company had a large number of unfinished apartments – media reports estimated the number to be around 1.5 million.

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