🇺🇲 watson :dealwithit:Let's be more explicit.
In June 2019, Evergrande plowed 13.2B¥ into Shengjing Bank, acquiring 36% stake in a literal lender.
Shengjing was on the brink of default. Tier 1 capital adequacy ratio was 8.52%, barely above regulatory req.
Now why would a propco bail out a bank? 🤔
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