What Evergrande’s collapse means for China’s economy and consumer sentiment ...Middle East

What happened: Evergrande Group, China’s second-largest property developer by sales, filed for bankruptcy in the US on Thursday last week.  Its collapse has opened a Pandora’s box of issues that have become a focal point for regulators, investors, and analysts around the globe, as well as denting consumer confidence, already battered during and after the pandemic.  The business declined sharply over the past few years, teetering and finally falling over the edge, sending shockwaves across China’s economy.  Evergrande started unraveling in 2020, when regulators began tightening borrowing rules for developers in response to excessive financial risk-taking in the sector, imposing the “three red

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