Evergrande Employees Arrested Amid China's Property Market Crisis

Police in China arrested employees at Evergrande's wealth management subsidiary amid the company's debt crisis.
Evergrande has enormous debt totaling hundreds of billions of dollars, contributing to China's property market crisis.
Evergrande's debt is seen by Beijing as a risk to China's financial system and economy.
Authorities have been tightening developers' credit access since 2020, leading to defaults at Evergrande and other major developers.
Rating agency Moody's downgraded the outlook for China's property sector from stable to negative due to short-term impact of government support.

theguardian.com

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Posted 9/17/2023, 11:44:00 PM