Posted on 01/31/2022 3:22:10 PM PST by RomanSoldier19
China is facing an economic crisis after a real estate boom ended with a bang last year, according to investor George Soros.
The billionaire said in a speech at Stanford University's Hoover Institution Monday that President Xi Jinping may not be able to restore confidence in the troubled industry, which has been hit by a series of defaults by developers and falling prices for land and apartments.
China's real estate boom was based on an "unsustainable" model that benefited local governments and encouraged people to invest the bulk of their savings in property, Soros said.
Government policies designed to curb the boom made it difficult for indebted real estate behemoth Evergrande to pay its debts, he added.
The developer is reeling under more than $300 billion of total liabilities, including about $19 billion in offshore bonds held by international asset managers and private banks on behalf of their clients. Evergrande has been scrambling for months to raise cash to repay lenders.
Government officials have been sent into the company to oversee a restructuring, but there's little clarity about what comes next. Evergrande has appealed for more time, but some lenders appear unwilling to wait. On Sunday, the company said that receivers had been appointed over a plot of land in Hong Kong, which it pledged as collateral against a $520 million loan last year.
(Excerpt) Read more at msn.com ...
Why was he speaking at Hoover?
Howz about Soros having an assassination crisis?
Just wondering for a friend.
Hoover needs to invite the North Korean dictator to visit and speak next...
Why is he still consuming oxygen? Th Russians could have done the world a favor.
His progeny are equally scum.
“East, West - just points of the compass, each as stupid as the other”
Translation: I, George Soros, am saying what I have to in order to destroy the Chinese real estate market like I did the British currency so I can make billions on the slide.
To be fair, I too have been watching Cheyna expecting it to fall like a house of cards, especially their real estate sector. Especially Evergrande.
Fresh out of sweet sympathy for China these days.
Capitalism causing Red China to collapse. Heh.
What capitalism? How many capitalist countries are on earth?
My first thought as well..... Soros usually predicts a crisis AFTER he is positioned to profit greatly from it.
Why on earth was kapo Soros speaking at the Hoover Institution ?!
If anybody would be an expert on Red China’s economy, it would be Citizen Soros.
“How many capitalist countries are on earth?”
—
I might count the US - if China, rich with capital, didn’t own most of it.
The U.S. is capitalist? You might want to research more.
They’re probably worse because they haven’t ever earned a penny so have more to prove via virtue.
Truly— and... HOW MUCH did they PAY this jacka@@ manipulator?
Whose last name is “Soars” in uni-world speak, in his highly CLOSED... ‘open’ society of misery and ripoffs.
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