Why is China’s Evergrande, its top-down political economy in trouble

Evergrande, a Chinese real estate company founded in 1996, rolled closer toward formal default this week after failing to meet further payments toward its $300 billion debt. Evergrande isn’t alone — real estate developers in China carry an estimated $5 trillion in debt, and other Chinese property firms this week reportedly defaulted or struggled with repayments. Full story

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