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Growing evidence of big problems in the Chinese economy
Posted on 9/16/21 at 12:50 pm
Posted on 9/16/21 at 12:50 pm
quote:
Evergrande Suspends Trading of Onshore Corporate Bonds After Downgrade
Barrons
Chinese developer Evergrande’s main unit is reported to have applied Thursday for a trading suspension of its onshore bonds, in a move that could take it closer to restructuring or default.Hengda Real Estate Group was notified Wednesday by the Chinese ratings agency that its bonds had been downgraded to A from AA, while being put on a watch list for possible further downgrades.
Evergrande applied to suspend trading of its onshore corporate bonds, according to Reuters. Evergrande has been contacted for comment.
Chinese banks were warned by authorities earlier this week that the company wouldn’t be able to meet interest payments on loans due Sept. 20, according to several reports.
Evergrande has been struggling with a liquidity crisis and is saddled with more than $300 billion worth of liabilities, although it doesn’t have to face repayments on its foreign-denominated bonds until next year.
Evergrande owns more than 1,300 real estate projects in over 280 cities in China, according to the company’s website. Protests by angry home buyers and investors have reportedly broken out in various Chinese cities in recent days. Evergrande is China's second largest real estate firm. Their share price has collapsed by 80% this year.
This post was edited on 9/16/21 at 12:51 pm
16
Posted on 9/16/21 at 12:52 pm to goofball
2008 gonna look like child’s play when their real estate market collapses
Posted on 9/16/21 at 12:52 pm to goofball
Wonder what the insane Chinese Communist Party will do to distract their people from this
Posted on 9/16/21 at 12:53 pm to jimbeam
quote:
2008 gonna look like child’s play when their real estate market collapses
We had foreclosures. They have entire ghost cities.
Unfortunately I'm sure there is some US exposure to Evergrande.
Posted on 9/16/21 at 12:53 pm to goofball
Are we about to be Back To Back Cold War champs?
Posted on 9/16/21 at 12:54 pm to dagrippa
quote:
Wonder what the insane Chinese Communist Party will do to distract their people from this
Covid21
Posted on 9/16/21 at 12:54 pm to goofball
china is killing us (and everyone else) but they are certainly not without their own very serious problems.
Posted on 9/16/21 at 12:54 pm to goofball
Sum Ting Wong
Posted on 9/16/21 at 12:57 pm to goofball
They will just kill a few million people to fix it
Posted on 9/16/21 at 12:57 pm to goofball
quote:
We had foreclosures. They have entire ghost cities.
Which I was coming to mention.
Having seen how Evergrande's revenues exploded between 2016 and the present, I was at a loss to explain how that happened and yet they were insolvent.
Best explanations I can think of are "They went full Enron and cooked the books" or "China hired them to build ghost cities, which is listed as revenue, then stiffed them on the bills."
quote:
Unfortunately I'm sure there is some US exposure to Evergrande.
Not really from what I'm hearing.
Australia's Social Security program though? Hugely tied to this from what people are saying.
Posted on 9/16/21 at 12:57 pm to dagrippa
quote:
Wonder what the insane Chinese Communist Party will do to distract their people from this
Posted on 9/16/21 at 12:58 pm to goofball
quote:
Unfortunately I'm sure there is some US exposure to Evergrande.
How much you want to bet there’s a bunch of evergrand stock or mortgage backed securities owned by 401k and pension plans?
Posted on 9/16/21 at 12:58 pm to DabosDynasty
that's what I was thinking
Posted on 9/16/21 at 12:59 pm to teke184
quote:
Australia's Social Security program though? Hugely tied to this from what people are saying.
Timely considering the new “Security pact” with us and the UK.
Posted on 9/16/21 at 12:59 pm to goofball
quote:
Growing evidence of big problems in the Chinese economy
That means military aggression will happen sooner than later.
Posted on 9/16/21 at 12:59 pm to jimbeam
quote:
2008 gonna look like child’s play when their real estate market collapses
Posted on 9/16/21 at 1:01 pm to goofball
Posted on 9/16/21 at 1:03 pm to goofball
Chinese economy is completely artificial. The crash will probably result in a global depression. Not to mention their populace is rapidly aging thanks to One Child policy which will overload their version of social security
Posted on 9/16/21 at 1:04 pm to X123F45
quote:
Rando
It's planned to muscle out small time landlords who can't eat the lack of rent from Slant sickness and give that market share to companies like blackrock. Don't know why you'd love to see that. Government forced upward transfer of wealth.
WalMart and Lowe's / Medical Industry had their coffers topped off by uncle sam already, now it is investment firms' and real estate investment companies' turn. That whole "you can't shop down the street but Wal Mart is open" was the largest upward transfer of wealth most have ever seen in their lives and it is continuing.
Government picking winners and losers in private markets is pure evil.
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