Quote from Ndubuisi Ekekwe on July 18, 2023, 1:51 PM

This is massive: China Evergrande Group, the property developer at the heart of the country's property crisis, reported an $81.1 billion net loss for 2021 and 2022, as the company delivered long-delayed financial results. Chinese developers like Evergrande struggled to complete projects and pay suppliers thanks to a burst property bubble and new government rules on leverage. Evergrande is now trying to restructure its offshore debt, with court hearings scheduled next week.  (Fortune newsletter)