Ex-Evergrande Economist Says Firm Ignored His Warnings Over Debt
- Ren says he cautioned Evergrande against diversification push
- Economist left Evergrande this year for Soochow broker
China Evergrande Group's under-construction Riverside Palace development in Taicang, Jiangsu province, China.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
China Evergrande Group’s former chief economist said the embattled developer ignored his repeated warnings to reduce debt and halt its plans to diversify into new businesses.
Ren Zeping, one of the highest-paid economists in China who left Evergrande earlier this year, said he was often criticized internally for his suggestions, according to a post on his Wechat social media account. Ren’s post followed other social media comments suggesting he was part of the decision making that led to Evergrande’s deepening crisis.