George Soros is a famed hedge fund manager. Bryan Bedder/Getty Images for Concordia Summit
The hedge fund titan said problems at developer Evergrande are a major danger for the country's economy. "China is facing an economic crisis centered on the real estate market, which has been the main engine of growth since Xi Jinping came to power in 2013,"The 91-year-old said the crisis – centered on the imploding real estate developerChina has been grappling with asince imposing strict debt limits on developers in 2020 in an effort to cool the red-hot sector. The sector makes up around 30% of the country's gross domestic product, according to economists.
Soros said the Chinese government may have postponed dealing with Evergrande for too long. The government is focusing on ensuring apartments are built and delivered, but international lenders to the company have complained that they've been left in the dark about any restructuring efforts.
Source: News Formal (newsformal.com)
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