Evergrande: The $300 Billion House of Cards
At its zenith, Evergrande wasn't just a property developer; it was the engine of China’s urbanization—a titan that built cities from thin air and promised a golden future to millions. Its founder, Hui Ka Yan, once sat atop a throne of luxury, transforming a regional firm into a global conglomerate that owned everything from football clubs to electric vehicle dreams. But behind the glitz of soaring skyscrapers lay a foundation of unsustainable debt and a relentless, high-stakes gamble that would eventually bring the world’s second-largest economy to the edge of a precipice.
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