Chinese property giant Evergrande is on the verge of collapse. Many people are protesting against the company, as it owes them money but is struggling to pay it back. Evergrande has over $300 billion in debt, and may collapse soon. Evergrande has this much debt because it gave many people working for it IOU’s, but when it was time for the company to pay those back, it was unable to. For example, Evergrande owes over $300,000 to a janitorial company with 200 workers. Evergrande still has 1.4 million homes that it sold but didn’t build yet. The government will most likely step in and help the company, but obviously for something in return. Evegrande stock has fallen a lot recently, and it will probably keep on falling.
Source: https://news.yahoo.com/chinas-
