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 China’s “Evergrande” becomes a financial cancer

22.10.21.  Morning mail has been following the burgeoning social and financial predicament now facing China’s Xi Jinping, the would be conquerer of the free word. Most of that news is beyond the purview of MSM.
The fear has been turned down “only a notch” after Evergrande shares were down by 10 per cent on the opening of the Hong Kong stock market on Thursday, according to Sky News Business Editor Ross Greenwood.
“The reason is because this company has got some $400 billion worth of debt, it’s China’s largest property developer, it has been the main stay for many Chinese people to actually try and get their foot onto the property run,” Mr Greenwood told Sky News Australia.
“And of course, many of them will lose significant amounts of money if this company goes broke.

Source: Reuters

Evergrande shares fall on market return

“The share price is basically fallen by 10 per cent on the opening today after a statement from the company, it has been suspended from trading for about the last two and a half weeks.”

Video source: WION Gravitas

{ 5 comments… add one }
  • Cliff 22/10/2021, 6:03 am

    Many who have travelled to Thailand (back when we were allowed to travel!) will have noted the incredible elevated highway system that allows quick transit all over Bangkok – one storey above the buildings.

    Back in the early 90s, when these remarkable overpasses were still incomplete, the separated sections sat there awaiting connection. Soon, tens of thousands of people (squatters) had moved up onto them and set up house.

    I wonder if the same thing was happening in all those uncompleted high rises in China? Would that explain why they went to the considerable expense of demolishing them?

  • Penguinite 22/10/2021, 6:38 am

    So, is this the comeuppance for Australia’s Big Four Banks? You can bet that they are holding dodgy Chinese Real Estate as collateral on loans to buy Australian RE! The Chinese have been forcing up the value of AU RE with excessive purchasing and the decline will be rapid. Hold on to your hats!

    • Disgruntled 22/10/2021, 7:29 am

      Pen, you make a real good point and it will surely be Hold on to your hats!

      This “money” and China?? I am always flabbergasted on how it all can happen and just where all the “money” comes from!

      China a “developing” nation and Australia a first nation already developed????? Pigs bloody arse!!!!!

      Spend a fair bit of time on the net and observe just what China has built and are still building as well as planning to build and utter unbelief and astonishment will follow!!!

      Australia cannot even build a dam to help our farmers to produce!!! Stone the bloody crows; China has 94 bloody thousand dams; And then we are expected to suck up to them!

      And add insult to injury our stupid state govt seems obsessed with tearing them down (Paradise) or reducing planned capacity (Rookwood, because concrete too expensive??)

      Talking of dams; All the Aussie people is interested in with dams is for Expensive energy storage!! WOT ROT!!

  • John 22/10/2021, 7:37 am

    1/ WION/ Palki Sharma.
    Memo- Australian Media. WION is a media group. Look, listen and
    learn.
    Memo- Aust Journalists. this is what a Journalist does. This is what you
    should be. Get some self respect.
    2/ An acquaintance with some dealings with chinese companies has gathered that not only is Poo Bear not going to COP but he has not left Peking for some time and has no intention of leaving Peking.
    Amongst other world issues apparently he is very reticent about straying too far from the PLA with the prospects of a few hundred million chinese middle class looking for someone to kick the cr*p out of. With all those buildings there must be a choice of streetlights?. They`ve probably burnt the trees down trying to keep warm.

  • Botswana O'Hooligan 22/10/2021, 8:15 am

    Remember way back when the Japs got their fingers badly burnt with real estate, so probably the Celestials are following suit.

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