If something looks too good to be true, it usually is. When a company acts irrationally, cagey investors have learned to ask why.
Take the example of Evergrande, which has endured a turbulent past few days.
The real-estate group is a whopper, with Rmb2.3 trillion ($337 billion) in assets. It is also highly leveraged, with debts of $122 billion at the end of June.
About a week ago, a letter emerged, purportedly sent by the firm to the government of Guangdong.
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