Chinese culture places a high value on permanence and longevity. That’s why many companies have names that start with “Ever” in the English translation. So that the companies live, if not forever, at least as long as possible and develop prosperously. But that doesn’t always work. Don’t forget the container ship Ever Given of the shipping company Evergreen, which became wedged in the Suez Canal and brought the tightly timed supply chains of the global economy to a standstill. Also the Ever Ace, largest container ship in the world, gained some notoriety because her maiden voyage of all things also coincided with supply chain problems. The most recent case is the Chinese real estate developer Evergrande. The company, which has accumulated an incredible 300 billion euros in debt in recent years, has not been doing well since 2021. But now it has filed an application for bankruptcy protection in the USA. This is intended to protect Evergrande from American creditors while the company tries to save itself from going under with a restructuring. It remains to be seen whether this will succeed – Evergrande’s name alone will not be enough.
Evergrande – economy – SZ.de
