New York CNN —Evergrande’s US bankruptcy serves as a cautionary tale about the growth-at-all-costs model that underpinned China’s spectacular growth over the past 30 years.
For decades, Evergrande, once one of China’s most successful real estate developers, gobbled up debt as China’s economy exploded.
A wave of defaults followed, and China’s vast real estate market has yet to recover.
Evergrande's decline has become a cautionary tale about the breakneck growth that defined China's economy for three decades.
China’s economy is strugglingIt’s hard to overstate the importance of the property market China.
Persons:
Evergrande, Xi Jinping, ”
Organizations:
New, New York CNN, Getty
Locations:
New York, AFP, China, Beijing