A Hong Kong court has ordered China Evergrande, the world’s most heavily indebted real estate developer, to undergo liquidation following a failed effort to restructure $300 billion owed to banks and bondholders that fueled fears about China’s rising debt burden.
The important figure isn’t the total, but the fraction of GDP that goes into real estate, which is disproportionate in the case of China, for the reasons I mentioned, and more (another major one being the land leased by local governments to serve as their de facto revenue stream)
The important figure isn’t the total, but the fraction of GDP that goes into real estate, which is disproportionate in the case of China, for the reasons I mentioned, and more (another major one being the land leased by local governments to serve as their de facto revenue stream)