Hundreds of Chinese investors who lost savings in the collapse of China Evergrande launched a coordinated campaign this month to press authorities for an update on the failed property developer, according to people with knowledge of the effort. In the previously unreported action, small groups of disgruntled investors turned up at three Shenzhen government offices in succession to ask for an update on an investigation launched more than a year ago, the people told Reuters. They said they hoped this method of applying pressure on officials would not be deemed as a form of unlawful public protest.
While the grassroots action is unlikely to shape the court-ordered liquidation of Evergrande, which failed with more than $300 billion in liabilities, it shows how deep-seated frustration remains for the middle-class Chinese who saw their investments wiped out. The cautious protests also come at a time when China’s government has been on high alert for signs of social strain caused by financial stresses from a slowing economy. "If we don't speak out now, there will never be a chance," one of the Evergrande investors who participated told Reuters. Like others, the person asked not to be named because of the fear of reprisal by Chinese authorities.
A real-estate downturn that began in 2021 has squeezed financing for local governments, homeowners, and businesses tied to a sector that once accounted for a quarter of China's economic activity. Aggrieved investors in now-worthless “wealth management” products issued by Evergrande held protests in late 2021 and early 2022 outside the developer’s offices after it missed payments to contractors and creditors. The organised effort by Evergrande investors over the past week in Shenzhen marked the first sizeable protests since 2022.
They were organised to follow official channels for expressing grievances in order to avoid antagonising authorities, people with knowledge of the campaign told Reuters. More than 500 former Evergrande investors joined three separate actions in Shenzhen, according to people who took part. On Monday, a group visited an investigation bureau in the district where Evergrande was headquartered. On Tuesday, another group queued at the city's economic crimes bureau. On Wednesday, a third group went to a city court.
The aim was for the investors to reach the front desks of those government offices one-by-one in a manner that would not look like a public protest or invite a crackdown by police, people involved said. Reuters could not confirm the total number of people involved. A Reuters reporter saw dozens of people outside the investigation bureau on Monday, and dozens of others gathered near the court on Wednesday. The planned timing and meeting location for the action was only shared among a group of investors on the day itself, the people said. The Evergrande investors have remained in touch with each other over the past two years in small WeChat groups. "We need to stay low profile and talk one-on-one, otherwise we’ll be shut down," one of the participants told Reuters.
Evergrande, Shenzhen police, which oversees the investigation bureaus visited by the investors, and the city court did not immediately respond to comment requests.
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