All eyes are on Xi Jinping as expectation grows that the government will have to intervene to protect small creditors

In May 2020, Chen (not his real name) decided to invest 300,000 yuan (£34,000) in property in the north-eastern Chinese city of Shenyang. “I thought the price was not too expensive and I had some extra money so I invested it,” he said. “I thought it was going to be all right because Evergrande is such a big name and enterprise.”

Chen was following in the footsteps of countless fellow Chinese, getting in on a booming property market that had turned big cities such as Beijing, Shenzhen and Shanghai into some of the world’s most expensive, amid the huge transfer of the population from rural to urban areas.

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Source: The Guardian