Evergrande does not fit into the line of China's new policies

On Monday, September 20, during a trading day on the Hong Kong stock exchange, the shares of Chinese developer Sinic collapsed by 87 percent. Experts point out that the shares collapsed due to the "domino effect", which was caused by the crisis of China's another developer giant, Evergrande. In 2020, Evergrande owner Hui Ka Yan was among the top three Chinese wealthy men. Today, however, the development company that he owns has found itself on the verge of default. Evergrande's debts are overwhelming and reach an astronomical amount of $302 billion. How did Hui Ka Yan lead his development empire to such a deep crisis? Evergrande is due to pay its investors $83 million on September 23rd. S&P Global believes that the Chinese government refuses to bail out the debt-stricken company. However, Hui Ka Yan is full of optimism. He assured his employees that his company will extricate from the crisis, although he did not specify how.