Evergrande made little progress toward complying with China's crackdown on real estate debt until it was too late for investors who put money into its offshore bonds.
, which is reportedly set to acquire part of Evergrande, did not cross any of the red lines and ranks 28th by asset size, Natixis data showed.Heavy reliance on pre-sales
Over the last decade, the value of Evergrande's properties under construction rose so quickly that it far exceeded the value of the company's completed projects as well as what the company was able to sell. The value of properties under development accounted for just over half of Evergrande's total assets, ticking up to 54.7% in the first half of this year, up from 54.3% at the end of last year.
"Financial institutions have already curtailed their direct exposures to Evergrande over the past two years," Moody's analysts said in an Oct. 11 note.
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