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Evergrande workers got a tough choice: Loan it cash or lose bonus

China’s most indebted company has seen its shares lose more than 80 percent of their value this year

September 20, 2021 / 06:47 PM IST
Evergrande workers got a tough choice: Loan it cash or lose bonus

Representative image (Source: ShutterStock)

Alexandra Stevenson and Cao Li When the troubled Chinese property giant Evergrande was starved for cash earlier this year, it turned to its own employees with a strong-arm pitch: Those who wanted to keep their bonuses would have to give Evergrande a short-term loan. Some workers tapped their friends and family for money to lend to the company. Others borrowed from the bank. Then, this month, Evergrande suddenly stopped paying back the loans, which had been packaged as high-interest investments. Now hundreds...

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