Will Evergrande remain ever grand?

THERE is a common joke in China’s real estate fraternity. When the real estate market is bad, buyers will complain about everything during the property handover. But during a bull market, if you handover a unit without a front door, they would still gladly take possession.

That is the nature of the real estate industry. It is one of the most important sectors in the economy in most parts of the world, not only from an economic standpoint but also from a societal angle.