When the troubled Chinese property giant Evergrande was starved for cash earlier this year, it turned to its own employees with a strong-arm pitch: Those who wanted to keep their bonuses would have to give Evergrande a short-term loan. Some workers tapped their friends and family for money to lend to the company. Once China’s most prolific property developer, Evergrande has become the country’s most indebted company. It owes money to lenders, suppliers and foreign investors. Evergrande faces lawsuits from creditors and has seen its shares lose more than 80 percent of their value this year.

Source: New York Times September 19, 2021 06:22 UTC