The crisis at Evergrande, the world’s most indebted property company, reached a milestone last month when it officially defaulted on offshore bonds. But the rest of the saga could take years to unfold.
The builder, a symbol of China’s heavily leveraged property sector, shook world markets when it started missing offshore bond payments in September.
It took three months for Evergrande, weighed down by construction delays, litigation and its vast liabilities of more than $300bn, to formally default, by which time liquidity troubles had engulfed the sector.
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