Hong Kong's High Court has ordered the liquidation of the heavily indebted China Evergrande, the second-largest real estate developer in China, which recently went bankrupt. The collapse of Evergrande is raising alarms over a potential contagion effect, as real estate accounts for one-fourth of China's GDP, and every single public or listed property developer in the country is reportedly in default. Hedge fund manager Kyle Bass has likened the situation to the U.S. financial crisis, intensified, and warned of worsening conditions, including regulators potentially blaming a prolonged downturn in the stock market on short sellers.
China is facing the US financial crisis 'on steroids' as the real estate market collapses, famed hedge fund boss says https://t.co/tNPyHSEZc5
Kyle Bass on China: "This is just like the U.S. financial crisis on steroids." https://t.co/iVRkuboxS0
“Every single property developer in China that’s public or listed is in default... this is just like the U.S. financial crisis on steroids,” says @Jkylebass. "China’s gonna get much worse… imagine regulators blaming a 15-year swoon on their stock market on short sellers.” https://t.co/rIfOG2xEp5
Contagion post-Evergrande collapse Evergrande was the 2nd largest real estate developer in China. They went bankrupt a few days ago. Real estate constitutes 1/4th of China's GDP. Many other firms will now go bust The entire Chinese economy is now in major trouble. Pay attention https://t.co/5KYtNME4KQ
Hong Kong's High Court has ordered the liquidation of heavily indebted real estate group China Evergrande. See how foreign malign influencers are amplifying coverage of this story. #Evergrande #NarrativeIntelligence https://t.co/26Vn6J8EcZ