Evergrande’s downfall threw China’s real estate market in a crisis. Can India escape such a reality?
Police officers look at people gathering at the Evergrande headquarters in Shenzhen, southeastern China on September 16, 2021, as the Chinese property giant said it is facing "unprecedented difficulties" but denied rumours that it is about to go under.
Synopsis
When there was less housing and rising GDP, the realty sector boomed in China. Banks, bondholders, and homebuyers, provided the much-needed capital for building more houses. As China tightened screws on overleveraged firms, developers started to default on debt payment and left homebuyers with unfinished houses. Can India, wiser from Jaypee and Unitech episodes, avoid the pitfalls?
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