From ironworker to China’s richest man, Xu Jiayin personified the freewheeling, dealmaking China of former decades. But now he and his debt-ridden business empire must reckon with cooling growth, and a Chinese leader on a mission to root out decadence from society.
Evergrande is an enormous conglomerate that develops real estate, sells apartments and wealth management products, and invests in electric vehicles and soccer teams. Is the house of cards about to collapse?
China’s most decorated club soccer team is on the verge of collapse.
Electric vehicles, smart systems to drive them, and advanced batteries to power them are attracting enormous sums of capital and China’s best engineering talent. These are the companies that are fighting for one of the most lucrative markets in the world. Many of them will be global EV players.
Soon after an Evergrande Group subsidiary announced that it would bring six new electric cars to market, China’s biggest real estate developer is making news for all the wrong reasons.
A subsidiary of China Evergrande, a real estate conglomerate, is charging ahead with new big name investors and new electric cars despite multiple failures over the past two years.