The debt mountain of Evergrande underlines both the speed at which corporate fortunes can swing and the deep flaws in China’s growth template
James Kynge in Hong Kong and Sun Yu in Beijing
A dramatic video filmed in the southwestern city of Kunming in August hints at the scale of China’s property bubble. Onlookers can be heard screaming in awe as 15 high-rise apartment blocks are demolished by 85,000 controlled explosions in less than a minute.
The unfinished buildings, which formed a complex called Sunshine City II, had stood empty since 2013 after one developer ran out of money and another found defects in…