He has described how he went on to become a steel factory technician at a state-owned enterprise, because it was still at a time when China’s economy was mostly centrally planned. He has described in speeches memories of eating sweet potatoes and sweet potato flour, and just being sick of sweet potatoes, and studying under a thatched roof that didn’t keep out wind or rain. He grew up poor in a rural village in the central province of Hunan. And Xu’s story is also really interesting. And it tells the story of China’s early embrace of capitalism. Its rise, and the rise of its founder, Xu Jiayin, really mirrors that of China’s entire economy. And its properties are in hundreds of cities across the country. It’s actually one of the country’s most prolific developers. Yeah, Evergrande is a household name in China. So what should we know about it? alexandra stevenson And I know that you have been reporting on this company for a really long time. But my sense is that if you live in China, it’s a household name. Today: I spoke to my colleague Alexandra Stevenson about the rise and fall of Evergrande.Īlex, most of us have never heard of this company, Evergrande. Now where have we heard that one before? michael barbaro archived recordingĮvergrande was always thought to be too big to fail. raising fears of a broader financial crisis in a country that prides itself on stability and control. is now on the brink of collapse - archived recordingĪnalysts fear the crisis could spread throughout China’s property sector and the entire economy. Shares in the highly indebted company have fallen 80 percent this year. One of the biggest and most important corporations in China, which both fueled and profited from the country’s historic housing boom - archived recording We begin in China, where embattled real estate giant Evergrande faces a major moment of truth this week. Monday, October 25th, 2021 michael barbaroįrom The New York Times, I’m Michael Barbaro. Here’s what its troubles might reveal about a country that prides itself on stability and control. Transcript A Threat to China’s Economy Evergrande, a property giant, is teetering on the edge of collapse.