Evergrande -- led by Xu Jiayin, a former steel factory technician -- used debt to accumulate China's biggest private land bank. (Source photos by Getty images and Reuters)

Evergrande seeks safe descent from $130bn debt mountain

Chinese property developer epitomized sector's credit-fueled growth

NARAYANAN SOMASUNDARAM, Nikkei Asia chief banking and financial correspondent

February 5, 2021 06:05 JST

HONG KONG -- China Evergrande Group has gone from narrowly avoiding a cash crunch in September to being able to pay back a $2 billion bond early -- but that does not mean all is once again well at Asia's largest private sector debtor.