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this post was submitted on 29 Jan 2024
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Not a property developer! Harcourt, fetch me my clutching pearls!
Real Estate represents something like 30% of China's total GDP and Evergrande was one of the top 3 largest Real Estate developers in China. Country Garden is / was another of the Top 3 and it too is in default with a debt problem almost as bad as Evergrande.
Those two former behemoths aside China has seen literally dozens of smaller Real Estate developers default and go under over the past 36 months and it's having painful consequences on downstream industries, consumers, and government budgets.
This ain't "Pearl Clutching", Evergrande is just the latest visible indicator that there's a serious problem with the Chinese Economy.
Evergrande halted trading on Chinas stock exchange for like over a year and a half.
China gave them time and money to not fail, but it was too late. Now the sticthing is coming undone.
Their stock was halted again today:
https://www.cnbc.com/2024/01/29/asia-markets.html
So, too big to fail, huh? I see where you're at.
Oh no, they are failing. Are in fact failed at this point.
Yeah I didn’t own a house in 2008 so that whole financial crisis thing had zero impact on me 🤔