World’s Largest 1.62 Million Unfinished Units; 6 Million Homeowners Face Potential Homelessness

After the Chinese real estate giant Evergrande Group plunged into a debt crisis, Xu Jiayin, the chairman of Evergrande Group whose net worth once reached 42 billion US dollars, was recently arrested. His second son, Xu Tenghe, and several senior executives were also detained. It's rumored that Xu Jiayin's arrest stemmed from allegations of faking a divorce to transfer assets, alerting the Xi Jinping administration that he intended to pass the problematic company onto the state, prompting intervention. Xu Jiayin's arrest signals the potential collapse of Evergrande, a real estate and financial empire. As China's largest property developer, and even touted as the largest in the universe, this might be the start of a domino toppling.