The wildest thing about this saga to me is how drawn out it's been. It's like there are a million invisible dominoes mixed in with the ones we see falling
Right like it's been such a long and bumpy ride it's like, wait didn't that company collapse already? Oh shit still holding on but still crumbling slowly. Pillars rotting from the inside and these giants falling in slow motion
How long can a state sponsored Ponzi scheme hold up in broad daylight?
Edit: not rhetorical
I was just discussing this with someone earlier today. It's been like ~20 years that Evergrande's been in business, right? Possibly more, that's a huge part of someone's entire career. That means that people could have joined the workforce and worked their way up into upper management purely just working on Evergrande's contracts.
How many angels can dance on the head of a pin?
Can God microwave a burrito so hot even he can't eat it?
These are the Days of our Lives...
At least in China they get busted instead of bailed out
Wish this would happen to American banks
This is the best summary I could come up with:
HONG KONG, Sept 18 (Reuters) - Shares of embattled developer China Evergrande Group (3333.HK) plunged as much as 25% on Monday after police detained some staff at its wealth management unit, suggesting a new investigation that could add to the property company's woes.
Evergrande, the world's most indebted property developer, is at the centre of a crisis in China's real estate sector that has seen a string of defaults since late 2021 that have rattled global markets and sparked fears of contagion.
During protests by disgruntled investors at Evergrande's Shenzhen headquarters in 2021, Du Liang was identified by staff as general manager and legal representative of Evergrande's wealth management division.
"Recently, public security organs took criminal compulsory measures against Du and other suspected criminals at Evergrande Financial Wealth Management Co," police in the southern city of Shenzhen said in a social media statement on Saturday night.
The wealth unit was an indirect wholly owned subsidiary, and the imposition of criminal coercive measures on the staff members was in accordance with the law which would not affect the company’s operations, Evergrande said late on Monday in a filing to the Hong Kong Stock Exchange.
It also said it noticed media reports on the transfer of its insurance business and the corresponding assets and liabilities to a state-backed company.
The original article contains 384 words, the summary contains 217 words. Saved 43%. I'm a bot and I'm open source!
This over-construction bubble has to pop, preferably sooner than later, as chinese cement and steel production contributes a mega share of global greenhouse gas emissions. Nevertheless, pity for individuals who paid up-front for unfinished appartments, hope they find a way to coordinate.
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