Shortly after a black swan mysteriously appeared in the center of Beijing’s Tiananmen Square on Sept. 5, China encountered a huge “black swan” event: property giant Evergrande warned that it could default on its $305 billion of debts. Since Sept. 10, dozens of protestors have been gathering outside Evergrande’s headquarters in Shenzhen, Guangdong Province, to demand their money back. Protests have also erupted at Evergrande’s offices in other provinces, including Sichuan, Anhui, Jiangsu, and Jiangxi. The majority of these protestors are investors who have put their money into Evergrande’s various wealth management products. As the second-largest real estate developer in China, Evergrande has over 1,300 projects in more than 280 cities across China, and is therefore considered “too big to fall.” Employees’ Performance Rating Tied to Investment A woman surnamed Cui, who was among the protesters in Shenzhen, told The Epoch Times that angry investors crowded the lobby of Evergrande’s …
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