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Evergrande, the massive Chinese real estate developer with $300 billion in debt, is ordered to liquidate by a Hong Kong court (www.businessinsider.com)

submitted 9 months ago by [email protected] to c/[email protected]

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A Hong Kong court on Monday ordered the liquidation of real-estate developer China Evergrande Group.
Evergrande is the world's most indebted developer with more than $300 billion of total liabilities.
It defaulted on its debt in 2021, sending China's struggling property sector into a tailspin.

———

A Hong Kong court on Monday ordered the liquidation of China Evergrande Group, a move likely to send ripples through China's crumbling financial markets as policymakers scramble to contain the deepening crisis.

Evergrande, the world's most indebted developer with more than $300 billion of total liabilities, sent a struggling property sector into a tailspin when it defaulted on its debt in 2021.

That deepened a debt crisis in the sector and sparked many other company defaults in a damaging economic blow that to this day remains a drag on growth.

A liquidation ruling of the developer which has $240 billion of assets will likely jolt already fragile Chinese capital and property markets.

Beijing is now grappling with an underperforming economy, its worst property market in nine years and a stock market wallowing near five-year lows, so any fresh hit to markets could further undermine policymakers' efforts to rejuvenate growth.

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[–] [email protected] 4 points 9 months ago (2 children)

The difference is that in western markets, (thanks to immigration) the population is still growing (for now) and the construction industry still hasn’t recovered from 2009 afaik. So you got the same number of houses for more people, therefore skyrocketing prices

[–] [email protected] 2 points 9 months ago* (last edited 9 months ago)

It is not just more people for the same number of houses, but importantly also changed preferences.

If more people want to live in the city, then empty houses in the countryside don't help.

I'd have to look it up, but I also think the amount of living space used per person has increased. Especially for older people that keep on living in the same house (which they might own), even after the children have left.

[–] [email protected] 2 points 9 months ago* (last edited 9 months ago) (1 children)

No housing prices are skyrocketing because of cheap mortgages. Nobody would have the money to buy a house if loans weren't so ridiculously cheap.

The exact same thing that caused the crisis in 2008

Also China could accept immigration too if they were desperate. For now their focus seems to be robotics but if they fail to automate sufficiently immigration remains an option. I heard they have some empty housing complexes rotting away...

[–] [email protected] 1 points 9 months ago

Here is an alternative Piped link(s):

the crisis in 2008

Piped is a privacy-respecting open-source alternative frontend to YouTube.

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