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Evergrande in crisis due to a combined loss of $81 billion in 2021 and 2022
Posted on July 21, 2023 |
In 2021 and 2022, the company lost $66 billion and $14 billion due to the lower value of properties and higher borrowing costs.
The firm was struggling with $300 billion in debt and since March 2022, its shares were suspended from trading.
The company obtained debts of over $300 billion as it developed aggressively to be one of China's biggest companies.
In the last decade, half of the company's development contained a wide range of industries, sports, entertainment, and electric car manufacturing.