Evergrande shares plunge as much as 87% as trading resumes after 17 months
cnbc.com
China Evergrande Group last traded on the Hong Kong exchange on March 18, 2022 at 1.65 Hong Kong dollars ($0.13) per share, before being suspended on March 21.
The company also posted a loss of 39.25 billion yuan ($5.38 billion) for the six months ended June, with total liabilities of 2.39 trillion yuan.
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Take deposits for housing and use it to solicit more deposits for housing, without actually building any useable housing.
Just to add, they did start building, but they just started building as construction costs were increasing, so they ended up negative on all of their construction costs.
Construction companies famously tore down fully built buildings because evergrande couldn't afford them..
They built a pile of tofu dreg buildings that'll all fall down inside of ten years.