DESIGNER

Johnny Jung

PROFILE/DESCRIPTION

Article text courtesy of nytimes.com.

Title: China Bet It All on Real Estate. Now Its Economy Is Paying the Price.

After relying on a borrow-to-build model for decades, Beijing must make difficult choices about the country’s housing market and economic future.

When China’s housing boom seemed like a one-way bet, Gary Meng’s parents bought an apartment from China Evergrande, the country’s biggest developer. Soon the company called with another pitch: to manage their wealth.

It was a good deal with little risk, the family thought. Evergrande had global recognition and was a politically important company at the heart of China’s growing economy. They invested all their savings.