Posted on 09/15/2021 9:20:27 AM PDT by PapaBear3625
HONG KONG, Sept 15 (Reuters) - China's major banks have been notified by the housing authority that Evergrande Group (3333.HK) won't be able to pay loan interest due Sept. 20, Bloomberg reported, underlining the broadening impact of the property developer's liquidity crisis.
The troubles ailing the nation's no. 2 property developer have already sparked social anger among investors and homebuyers and raised risks for China's vast financial system.
(Excerpt) Read more at reuters.com ...
What a mess. They over did it. will it ripple across the globe? This was the other day
Watch: : China: Fifteen brand new high rise buildings purposely blown up in 15 seconds
https://rumble.com/vmhz7f-fifteen-brand-new-high-rise-buildings-purposely-blown-up-in-15-seconds.html
Bkmrk
Our money is crap, but we still have the best crappy money in the world.
Jack Posobiec of Human Events tweets:
“Today is literally the anniversary of the Lehman Bros collapse (Sept 15 2008)”
Embattled developer China Evergrande Group issued another warning that it may default on its huge debts. The Shenzhen-based real estate giant is having a hard time lowering costs and finding suitable buyers for some of its assets. China Evergrande Group lists US$ 300 billion in total liabilities.
Lehman Brothers came close to taking down the US banking industry. Evergrande is of comparable size.
That’s something I finally realized in the last year or two. But the Dems are working hard to screw that up!
Lehman Brothers was a trigger because it was the first fold among equally worse problem companies. That was a major chain effect.
I’m not able to say how this looks from the ChiCom window.
If only President Trump was in charge.
Maybe they should eat General Tso’s Chicken.
Considering the impact to how the financial world will view China's status (and credit rating), I would think that if the CCP COULD paper this over, they (quietly) WOULD have.
The fact that this is in the open and causing global headlines, is a bad sign.
"In Beijing, on the morning of September 5, a black swan "visited" Tiananmen Square. It appeared after the flag-raising ceremony. The Chinese Communist Party or CCP regards the flag-raising ceremony as an important ritual to inspire people to love the country and the Party. The flag-raising takes place every morning when the upper edge of the sun rises to the horizon level seen from Tiananmen Square. However, on this particular day, the black swan stole the spotlight from the red flag. Just after the flag-raising ceremony, visitors noticed a black swan was wandering around. It was combing its feathers, sometimes strolling leisurely, with no intention of flying away."
Why did you remove this from front page news? You don’t think this is as important as “[Buffalo]Bills announce stadium vaccination policy in compliance with ECDOH directive”?
Let Evergrande restructure for bankruptcy and protect the common citizens whose life savings were scammed.
That’s what we did for the Bernard Madoff scam. They can do the same in China.
A bad sign but an unknown roadmap, one which I can’t conclude.
If the ChiComs begin unwinding in self-destruction, I won’t lose sleep.
China is not a free market economy, and things happen because the CCP allows them to happen.
They may not care about investors among the Chinese middle class (unless they are Party members)
Couldn’t happen to a nicer bunch of commies.
Most of China’s banks should be able to take a loss on bad Evergrande loans. However, it’s the perception of China as an investment opportunity that will take the biggest hit. Coupled with Xi’s clamp down on economic freedom, it could mean that China’s growth salad days are over, and it will slink back into Hermit Kingdom status.
This could be a big story.
There will be a lot of people who casually follow the markets wondering, “what the hell happened?”
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