In Debt and In Trouble — Chinese Real Estate Giant Suffers Alarming 38% Sales Drop

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Evergrande’s contract sales plunged in 2021, putting China’s second-largest real estate developer in uncertainty and struggling to repay lenders. Evergrande said that they will maintain communication with creditors, strive to resolve risks, and safeguard the legitimate rights and interests of all parties. However, Evergrande had a total of $300 billion in debt last year and demand is decreasing for the company’s future projects.