Im sitting in a lobby rn so cant post the article but
some juicy deets on some ponzi scheme tier sounding hijinks Evergrande pulled
“
Reuters today writes that lured by the promise of yields as high as 12, "tens of thousands of investors bought wealth management products" through China Evergrande, a transaction which was softened by gifts such as Dyson air purifiers and Gucci bags”
"Many people . . . might be arrested for financial fraud if investors don’t get paid off,” he said. “Our products were not for everyone. But our grassroots salespeople didn’t consider this when making their sales pitches and they targeted everyone in order to meet their own sales targets.”
Translation: Evergrande used not just Ponzi instruments, but unregulated Ponzi instruments, which are now worth nothing.”