Every once in a while a company grows so big and messy that governments fear what would happen to the broader economy if it were to fail. In China, Evergrande, a sprawling real estate developer, is that company.
Evergrande has the distinction of being the world’s most debt-saddled property developer and has been on life support for months.
A steady drumbeat of bad news in recent weeks has accelerated what many experts warn is inevitable: failure.
The ratings agency Fitch said this week that default “appears probable.”.