Evergrande: Built on Borrowed Times? (B)

Equity analysts at the investment bank UBS recommended that shareholders sell shares of China Evergrande Group, arguing that the country's largest property developer in 2021 was so highly leveraged that it might be unable to meet its debt obligations. The recommendation stood in stark contrast to the ratings from all other major investment banks, which remained bullish on Evergrande - despite its checkered accounting history - and were betting on its aggressive push into multiple non-real estate businesses. Should investors sell, buy, or hold Evergrande shares? Was its high leverage a signal of possible corporate misconduct or simply the byproduct of unbridled ambition?