China Evergrande's bankruptcy filing in New York on Thursday shows a need for Beijing to go big, and soon, to sop up the nation's soured real estate, says...
China Evergrande Group’s EGRNF, bankruptcy filing in New York on Thursday shows a need for Beijing to go big, and soon, to sop up the nation’s soured real estate market, says Clocktower Group’s Marko Papic.
China Evergrande’s Tianji Holdings affiliate also sought Chapter 15 in New York on Thursday, according to court documents. Papic said global financial markets already were aware of the developer’s debt woes, so Thursday’s filing shouldn’t come as a shock. Still, he thinks Chinese policy makers should act quickly to shore up confidence, while noting that it took Western governments nearly a decade to come up with an effective playbook to revive their wobbling economies in the wake of similar debt crises.
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