Wu, 35, was one of around a hundred protesters who descended on the headquarters of the country's No. "We were working for Evergrande, so our suppliers trusted us with the materials without us paying upfront. The plight of Wu and many others like him has thrown a spotlight on the extensive use of commercial paper in China's property sector. It's not clear just how much commercial paper Evergrande as a group has issued, but its flagship unit Hengda Real Estate Group Co Ltd disclosed some US$32 billion worth as of end-2020. Despite its massive debt load, Evergrande's name had been held in high regard in ordinary business circles until late last year and its commercial paper was even traded in industries not related to construction.

Source: The Edge Markets September 16, 2021 12:11 UTC