The choice marks a conclusion to a two-year disaster for the Shenzhen-based developer, which in September 2021 signaled that it might now not repay $300 billion in loans to lots of of banks and monetary companies.
Analysts have lengthy feared that the embattled property large’s collapse would ship shockwaves throughout China’s already stalling financial system, and doubtlessly even destabilize overseas companies. Specialists on the time known as it China’s “Lehman Brothers second.”
That will help you perceive the dimensions of China’s former actual property darling, we have pulled collectively some statistics and comparisons that put it into perspective.
