‘Swindled’ Investors Ignore China’s Anti-Protest Stance By Storming Evergrande HQ
If China is known for one thing, it’s certainly not protests. Despite a formidable legacy of deterring its people from protesting, China was forced to deal with an angry mob of disgruntled investors on Monday.
Cellphone footage showed legions of protestors storming China Evergrande‘s [
Around 100 protestors faced a wall of 60 uniformed security guards in front of Evergrande’s main entrance as the chant “Evergrande, give us our money back!” echoed throughout the lobby.
The protest followed an announcement made on Sunday by Du Liang, general manager and legal representative of Evergrande’s wealth management division.
Du had read out a proposal for repayments for wealth management product holders, which was deemed unsatisfactory by protestors.
A protester reportedly said directly to Du, “A company as big as yours, how much money has been swindled from ordinary people?”
Another protester surnamed Wang said, “[Evergrande] said repayment would take two years, but there’s no real guarantee and I’m worried the company will be bankrupt by the end of the year.”
Wang had worked for Evergrande and had invested CNY 100,000 yuan (USD 15,497) with the company. His relatives invested up to CNY 1 million.
With over USD 300 billion of debt on its books, Evergrande is the world’s most indebted real estate developer, and is on the brink of collapse.
Even WallStreetBets has been debating whether China would bail out the real estate giant.
On Monday, the Shanghai Stock Exchange paused trading in Evergrande’s May 2023 bond citing abnormal fluctuations. It had already fallen over 30%.