Teetering Shenzhen property conglomerate China Evergrande is the Chinese economy in miniature. Both have, in Evergrande’s case mostly housing, in China’s case not just apartments, but roads, rail, airports and other infrastructure.
Evergrande’s business has run out of credit, in large part due to policy shifts by the Chinese government. as its bonds, and those of other wobbly property developers, collapsed. China’s economic model has also run out of road, and the process of putting it on a new track is likely to bring more Evergrande-like mistakes.
Nonsense
they have a glut of empty apartments but prices had not come down
Dorothy23897725 The Big Short. I've watched that movie four times. Maybe the west's leaders should.
Global stocks rebounding. US futures higher. Dow +160. European shares up across the board. TheTerminal
Yeah !!! 'More Evergrande, mistakes' ? Just wee mistakes like the Crash of 2008 perhaps ?
You mean—debt is bad?
Wrong. The wake-up call has been going on for some time now. Not just the aggressiveness and military build up in the SCS (which is another wake up call in itself) but the measures Beijing is putting on companies there and overseas. It’s obvious right 🤷♂️
The Chinese economic and business model is egocentric and unsustainable in the long run whilst fraught with perils for the global economic firmament.
Imagine 2008+2020+2021=
The bubble is gonna blow up in USA again.
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China Evergrande shares plummet to 11-year low on default risksShares of Evergrande on Monday plunged as much as 19% to their lowest in over 11 years, extending losses as investors take a dim view of its business prospects with a fast approaching deadline for payment obligations this week. Instead of catching profitable tech companies, they need to catch rogue directors.
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IMF says China has tools to avoid Evergrande's problems becoming systemic crisisThe International Monetary Fund on Tuesday said it is closely following developments surrounding China Evergrande Group , but believes Beijing has the tools to prevent the situation from turning into a systemic crisis. China also had the tools to avoid Corona becoming a pandemic crisis.
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