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The downfall of Evergrande foreshadows a difficult decade for China – and for Xi Jinping

First published: New Statesman, 15-12-2021

The long-expected default of China’s second biggest property developer, Evergrande – with more than $300bn of liabilities – was called on 9 December. The fate of the company is yet to be decided, but it will involve some sort of restructuring, ownership change and allocation of losses. The consequences for the wider real estate sector, the economy and China’s political landscape are arguably more important, including for Xi Jinping. Read on…