China, once synonymous with rapid economic growth, is grappling with a profound real estate crisis that emerged with Evergrande’s insolvency declaration two years ago. This event triggered a series of defaults and business losses, sending shockwaves through the nation’s economy.
The aftershocks of Evergrande’s collapse have reverberated across the Chinese economic landscape. Several multibillion-dollar companies have succumbed to the crisis, and key business executives have either been detained or vanished. The shadow banking industry, a cornerstone of China’s real estate boom, faces insolvency. Zhongzhi Enterprise Group has revealed itself as “severely insolvent” with $64 billion in liabilities. These developments have created…
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