Debt-laden property developer Evergrande’s chairman says firm will ‘walk out of its darkest moment’

Will property developer Evergrande turn out to be China’s Lehman moment? Group chairman Hui Ka Yan has said the company will "walk out of its darkest moment". Analysts CNA spoke to agree. When Lehman collapsed, it had over $600 billion — equivalent to about 4% of the US GDP in 2007 — in liabilities. By contrast, Evergrande’s liabilities are about half that level. Analysts also noted that Evergrande is not entrenched in financial market derivatives, as Lehman was. Nevertheless the clock is ticking, and the world is watching.

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