Every year at budget time, it’s very much the same ritual: the budget speech lands, and within hours it gets sorted into a box. Pro-business or pro-social. Pro-demand-side or pro-supply side. MSM or PTR (with MMM orbiting somewhere).

Evaco Ltd was placed in receivership on 26 May 2026. Its own published accounts had been signalling distress for at least two years. What the numbers said, where the risk now sits, and what other developers, lenders, and a jurisdiction built on foreign property capital should take from it.