A few months ago, the news about Chinese real estate firm Evergrande defaulting the loans had surfaced and become a global sensation. China, which is known to set a debt trap for most third world countries was facing multiple crises all at once. This included the energy crunch – coal crisis, domestic crackdown and the sensational most – the Evergrande Crisis. It was the news that stormed across social media platforms variously.
However, recently, international credit rating agency Fitch Ratings downgraded Chinese real estate Evergrande as a defaulter for failing to repay debt worth $1.2 billion. Moreover, another real estate firm that joined this league alongside Evergrande is Kaisa, another Chinese real estate firm, which defaulted payments worth $400 million.
This sure has contributed to the massive dent upon the self-pompous alpha image of CCP China. To add to the insult, people also reacted to the meme shared on Twitter.
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Parag Kadam 