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Started By
Message
Evergrande filing Chapter 15
Posted on 8/17/23 at 4:50 pm
Posted on 8/17/23 at 4:50 pm
How big of a deal is this? I feel like this is already factored into the market with the news several years back that they were up to their eyeballs in debt and China was working to restructure things. People had to know they were over their heads.
Or is this a tipping point for China market guiding the way to something bigger for the US?
Or is this a tipping point for China market guiding the way to something bigger for the US?
6
Posted on 8/17/23 at 5:29 pm to TulaneUVA
I think it’s the canary in the coal mine, frankly. A sign of things to come. We are about to enter a nasty little recession I fear.
Posted on 8/17/23 at 5:45 pm to Riverside
quote:
A sign of things to come.
Been a wild day in the markets.
Stocks down a little
Bitcoin down a lot
Evergrande out of Biz
Get the dry powder ready boys. It's time to make some money.
Posted on 8/17/23 at 5:49 pm to TulaneUVA
So much for that Chinese currency taking over the world..
Posted on 8/17/23 at 5:54 pm to Riverside
quote:
We are about to enter a nasty little recession I fear.
People have been saying that since early 2022... And still nothing.
The reason Im not in finance...
Posted on 8/17/23 at 6:00 pm to Lsut81
At it’s going to be worse than a little recession. This is a massive build up that has taken years to get here. The unwinding to balance it will be painful
Posted on 8/17/23 at 6:19 pm to TulaneUVA
Evergrande has billions in US dollar denominated assets that were purchased with the Dollar. China won’t bail them out, let’s see if US government does since this will be a hit on the dollar
Posted on 8/17/23 at 6:24 pm to Catchfalaya
quote:Why would it be "a hit" on the dollar?
let’s see if US government does since this will be a hit on the dollar
If anything, wouldn't the dollar strengthen as the safe-haven currency? IMO, the negative impact would be on the yuan and not the U.S. dollar.
Posted on 8/17/23 at 6:30 pm to LSURussian
Evergrande has billions in properties across the United States. Transactions that were conducted in US currency. The government of the USA has two choices, bail out US Evergrande assets, or let them fold and close the properties down having thousands of people laid off/banks out billions in bad debt. If they do bail them out then inflation will spike
Posted on 8/17/23 at 6:52 pm to Catchfalaya
quote:Even if that is true, I don't know how that's relevant. If the developer used gold to pay for developing the properties, would it declaring bankruptcy cause the value of gold to collapse?
Transactions that were conducted in US currency.
During the last real estate financial crisis (2008/2009) the U.S. dollar got stronger, not weaker. And there were massive interventions to bail out real estate lenders and bondholders then.
Posted on 8/17/23 at 6:56 pm to TulaneUVA
This is more of a worry
quote:
The real-estate empire helmed by one of China’s richest women is weeks away from a $199 billion collapse that could dwarf Evergrande
Country Garden Holdings employed about 70,000 people at the end of last year and missed a crucial coupon payment on Monday.
Posted on 8/17/23 at 6:58 pm to LSURussian
If loans were extended to finance the real estate in the US, and the debtor is basically insolvent, the creditors are going to take a major hit on their balance sheets. We saw a similar issue with the mortgage defaults in 2008 that in turn brought down the investment firms that were invested heavily in mortgage-backed securities.
Edit: I do agree with your point re: the strength of the dollar actually improving though. But again, if economic activity slows down like it did in 2008, that’s very little comfort for most folks.
Edit: I do agree with your point re: the strength of the dollar actually improving though. But again, if economic activity slows down like it did in 2008, that’s very little comfort for most folks.
This post was edited on 8/17/23 at 7:00 pm
Posted on 8/17/23 at 7:47 pm to I Love Bama
quote:
Get the dry powder ready boys. It's time to make some money.
Well look who's back ? just like clockwork. A string of a few bad days and here they come. All we need is HUSSS in here and i'm loading up to buy.
quote:
Evergrande filing Chapter 15
Yeah the futures are really crashing on this news.
Everyone knew this company was filing Chapter 15 bankruptcy 2 years ago.This post was edited on 8/17/23 at 7:52 pm
Posted on 8/17/23 at 8:16 pm to LSURussian
quote:
If anything, wouldn't the dollar strengthen as the safe-haven currency? IMO, the negative impact would be on the yuan and not the U.S. dollar.
Dollar has been ripping lately. This is a nothingburger. China has complete control over their economy unlike us. They can manipulate the shite out of whatever they want to keep it propped up.
Posted on 8/17/23 at 8:38 pm to Triple Bogey
quote:It sure appears so. It’s been over 4 hours since this thread was posted and I can’t find a single front page story about it on any of the national websites. U.S. stock futures for tomorrow mornings open are positive which are not indicative of an anticipated financial crisis.
This is a nothingburger.
Posted on 8/17/23 at 9:01 pm to TulaneUVA
Short...just the beginning.
Posted on 8/17/23 at 9:41 pm to TulaneUVA
China about to give the world economies COVID
Posted on 8/17/23 at 9:54 pm to LSURussian
quote:
It sure appears so. It’s been over 4 hours since this thread was posted and I can’t find a single front page story about it on any of the national websites. U.S. stock futures for tomorrow mornings open are positive which are not indicative of an anticipated financial crisis.
It's been on the front page of yahoo finance since this afternoon. That's where I first saw it.
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