Evergrande, China’s second-largest property developer, is in peril. After a decade of massive growth, including investing in “Fairyland” theme parks, an electric car company and a professional football team (Guangzhou FC), it is now struggling to service debts exceeding US$300 billion. So far it has avoided the fate of dozens of its unfinished apartment towers — demolished in spectacular fashion in recent weeks — by selling off assets to make its payments. But this is not a sustainable strategy. Credit rating agency Fitch has in the past week downgraded Evergrande to a “C”, indicating exceptionally high risk, with ... (full story)