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“Xu [Xu Jiayin] is a colourful figure. He lived an extravagant lifestyle that is now frowned upon by Xi [Xi Jinping] as he kicks off his 'common prosperity' campaign. For a long time, Evergrande's business model, borrowing large sums of money and aggressively selling apartments that have not even been built, seemed like a smoking gun. Xu is also one of those people Beijing now finds distasteful - flashy and over the top. I'd be really surprised if he emerges from this crisis unscathed.”
25 Sep 2021
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