The Evergrande Crisis Explained & How It Impacts Global Markets

Over the last few weeks, Evergrande warned investors of cash flow issues, saying that it could default if it's unable to raise money quickly. To get a sense of its scope: Evergrande recorded $110 billion in sales last year; owns $355 billion worth of assets across 1,300 developments; employs 200,000 people; and hires 3.8 million workers every year for project developments. 170 domestic banks will be impacted, 120 foreign banks will be impacted. On Thursday 23 September, Evergrande was on the hook to pay $83.5 million in interest payments. It did not meet the deadline. On 29 September, the company is required to pay an additional $47.7 million. Lucky for Evergrande, they have a thirty-day grace period before they default on their debts. Continue watching for the rest! If you guys enjoy the content, SMASH that like button and subscribe to stay updated with the latest information!

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