Huggy Posted December 9, 2021 Share Posted December 9, 2021 2 hours ago, Staffsknot said: That actually made me chuckle well played sir - even if you are a batshit Boris lover at least you've retained a sense of humour about it I don't want to be too serious about everything. It can be a miserable world out there and I really dislike the Karen types, so want to keep any positive vibes when I can! And I have a five day weekend coming up in 4 hours so those positive vibes are flowing through me like electricity right now 😄 Quote Link to comment Share on other sites More sharing options...
Crashley Banjo Posted December 10, 2021 Share Posted December 10, 2021 (edited) https://www.google.co.uk/amp/s/www.express.co.uk/finance/city/1533944/global-economy-evergrande-defaults-debt-chinese-real-estate-companies/amp Global crash warning as Evergrande defaults on debt: $300billion black hole cripples world Edited December 10, 2021 by Crashley Banjo Quote Link to comment Share on other sites More sharing options...
Crashley Banjo Posted December 10, 2021 Share Posted December 10, 2021 https://www.google.co.uk/amp/s/www.express.co.uk/finance/city/1533944/global-economy-evergrande-defaults-debt-chinese-real-estate-companies/amp Global crash warning as Evergrande defaults on debt: $300billion black hole cripples world THE GLOBAL economy could be at risk after Chinese property giant Evergrande defaulted on its debts, leaving a $300billion black hole in the world economy. Yep there’s a thread on this but I haven’t seen such a bearish article in years so thought it deserved its own thread 😁 Quote Link to comment Share on other sites More sharing options...
Saving For a Space Ship Posted December 10, 2021 Share Posted December 10, 2021 (edited) as I posted on th hpc China thread it's food as well as shelter thats in a massive crisis China’s vegetable prices surge 30.6% in November as food costs soar PUBLISHED WED, DEC 8 20219:47 PM EST https://www.cnbc.com/2021/12/09/chinas-vegetable-prices-surge-30point6percent-in-november-as-food-costs-soar.html Evergrande defaults on $1.2B in foreign bonds, Fitch says, as China intervenes in debt-ridden real estate sector https://www.cbsnews.com/news/evergrande-stock-china-default-bonds-fitch-chinese-market-intervention/ Edited December 10, 2021 by Saving For a Space Ship Quote Link to comment Share on other sites More sharing options...
dpg50000 Posted December 10, 2021 Share Posted December 10, 2021 Nothing whatsoever in the article hints at why this should "cripple" the world economy. Clickbait headline, unfortunately. Quote Link to comment Share on other sites More sharing options...
12345 Posted December 10, 2021 Share Posted December 10, 2021 59 minutes ago, dpg50000 said: Nothing whatsoever in the article hints at why this should "cripple" the world economy. Clickbait headline, unfortunately. Agree, $300bn is the total liability position, but this doesn't take into account their assets. In any case, a $300bn hit would wipe 0.4% from World GDP growth if it happened all at once (Based on a $81tn economy) Quote Link to comment Share on other sites More sharing options...
Saving For a Space Ship Posted December 15, 2021 Share Posted December 15, 2021 (edited) One More Developer Seeks to Extend Debt Due: Evergrande Update https://news.bloomberglaw.com/bankruptcy-law/asset-disposals-halted-shimao-in-focus-evergrande-update Another Chinese real-estate company is seeking a debt extension to avoid a payment failure as shockwaves from a credit crunch continue to reverberate through the country’s property sector. Guangzhou R&F Properties Co. is asking holders of a $725 million dollar note maturing Jan. 13 to extend the due date by six months, and is offering to buy back some of the debt at a discount. If the proposals aren’t backed, the company said it might not be able to fully pay off the note. The news comes as Shimao Group Holdings Ltd.’s dollar bonds sank to all-time lows despite assurances Chinese real estate giants Evergrande and Kaisa continue unloading assets to cover debt https://www.youtube.com/watch?v=9Nmv8fwm220 Edited December 15, 2021 by Saving For a Space Ship Quote Link to comment Share on other sites More sharing options...
Freki Posted December 15, 2021 Share Posted December 15, 2021 Also a good summary with overall official figures showing decreases: https://www.theguardian.com/world/2021/dec/15/china-housing-market-slumps-again-as-another-developer-runs-into-trouble Quote New home prices fell 0.3% month-on-month in November, the biggest decline since February 2015, according to Reuters calculations. The figure was worse than the 0.2% drop in October and only nine of 70 cities tracked by the Chinese statistics bureau saw monthly price gains in November, the fewest since February 2015. The actual value of home sales plunged by 16.31% in what was a fifth straight month of decline, official data showed. New construction starts as measured by floor area fell 21.03% on year in November, down for the eighth month, while property investment by developers fell 4.3%. Emphasis added by me. China's property sector was coughing in Feb 2015, the stock market was puking in Aug15 (iirc) Quote Link to comment Share on other sites More sharing options...
msi Posted December 17, 2021 Share Posted December 17, 2021 Money manager disappears with $313m from Chinese builder A company that was once one of China's biggest property developers says it has "lost contact" with a wealth manager that has $313m (£235m) of its money. Not directly linked to Evergrande but not good for that market. According to my 'friend' smart money is pulling out fast. Quote Link to comment Share on other sites More sharing options...
dryrot Posted December 18, 2021 Share Posted December 18, 2021 I couldn't find this - apologies if already posted. But fascinating piece on Evergrande's foray into the amusement park biz.... https://www.businessinsider.com/evergrandes-most-bizarre-holdings-amusement-parks-all-over-china-2021-10 Quote Link to comment Share on other sites More sharing options...
shlomo Posted December 18, 2021 Share Posted December 18, 2021 https://edition.cnn.com/2021/12/17/business/fortune-land-china-intl-hnk/index.html A Chinese property developer that was once one of the country's largest says it has lost contact with a wealth manager that it gave $313 million. It's just the latest blow to China's embattled real estate sector. China Fortune Land Development said in a stock exchange filing on Thursday that it entrusted the money to China Create Capital, a company registered in the British Virgin Islands, to invest in fixed-income financial products. It said it expected an annual return of 7% to 10% on its investment. The Chinese developer says now, though, that it hasn't been able to contact China Create Capital. Quote Link to comment Share on other sites More sharing options...
Blobsy Posted December 18, 2021 Share Posted December 18, 2021 3 minutes ago, shlomo said: https://edition.cnn.com/2021/12/17/business/fortune-land-china-intl-hnk/index.html A Chinese property developer that was once one of the country's largest says it has lost contact with a wealth manager that it gave $313 million. It's just the latest blow to China's embattled real estate sector. China Fortune Land Development said in a stock exchange filing on Thursday that it entrusted the money to China Create Capital, a company registered in the British Virgin Islands, to invest in fixed-income financial products. It said it expected an annual return of 7% to 10% on its investment. The Chinese developer says now, though, that it hasn't been able to contact China Create Capital. Lol Quote Link to comment Share on other sites More sharing options...
shlomo Posted December 18, 2021 Share Posted December 18, 2021 2 minutes ago, Dogsy said: Lol If they looked at the back of an old sofa, maybe they will find it... Quote Link to comment Share on other sites More sharing options...
Former postman Posted December 18, 2021 Share Posted December 18, 2021 Lol ! Rekt Quote Link to comment Share on other sites More sharing options...
Si1 Posted December 18, 2021 Share Posted December 18, 2021 Probably got laundered in London. Quote Link to comment Share on other sites More sharing options...
Saving For a Space Ship Posted December 18, 2021 Share Posted December 18, 2021 China Has A Debt Problem Three Times Larger Than Evergrande https://www.youtube.com/watch?v=ITvXlax4ZXk Quote Link to comment Share on other sites More sharing options...
Social Justice League Posted December 19, 2021 Share Posted December 19, 2021 Looks like China will take down the whole pack of cards. First bat flu or pangolin flu and now economic armageddon. China have really done a good job fecking up the west recently. Quote Link to comment Share on other sites More sharing options...
msi Posted December 20, 2021 Share Posted December 20, 2021 1 hour ago, Social Justice League said: Looks like China will take down the whole pack of cards. First bat flu or pangolin flu and now economic armageddon. China have really done a good job fecking up the west recently. The irony of a Communist Super Power amplifying the c*ck up by the Tories and the Rabid Right Quote Link to comment Share on other sites More sharing options...
zugzwang Posted December 20, 2021 Share Posted December 20, 2021 1 hour ago, msi said: The irony of a Communist Super Power amplifying the c*ck up by the Tories and the Rabid Right The Thatcherite free market/free trade agenda is what made China an economic superpower! You'd have thought the headbangers and flatearthers on the Tory right would have got a clue by now but apparently not. Global Britain = China First. Quote Link to comment Share on other sites More sharing options...
fellow Posted December 20, 2021 Share Posted December 20, 2021 12 hours ago, msi said: The irony of a Communist Super Power amplifying the c*ck up by the Tories and the Rabid Right I always wondered why the media extrapolate forward the rise of China as a never ending boom without foreseeing any bust, as though they have somehow managed to do capitalism better than the west on their first attempt. Quote Link to comment Share on other sites More sharing options...
Saving For a Space Ship Posted December 26, 2021 Share Posted December 26, 2021 (edited) EVERGRANDE UNFINISHED APARTMENTS TO BE SEIZED BY CHINESE AUTHORITIES. All Assets Could Now Be Lost https://www.youtube.com/watch?v=s05oHBKqrFA Quote The CHINESE AUTHORITIES Released 3 Statements on Christmas Day that are BAD NEWS for EVERGRANDE and the Other Chinese Property Developers. The main focus for the Authorities is the DELIVERY of UNFINISHED APARTMENTS and this could now mean that ownership and control of these assets are seized by China. Over the last few weeks Evergrande has LOST OWNERSHIP of 10 PLOTS OF LAND that were SEIZED by the Chinese Authorities. This action follows on from the SEIZURE of the $1.8BN Evergrande Soccer Stadium in November. If the Evergrande's remaining assets are seized then the company will be worthless and we could be looking at a $300 BILLION BLACK HOLE in the Global Economy. This also has massive implications for the whole sector which owes TRILLIONS in debt. Edited December 26, 2021 by Saving For a Space Ship Quote Link to comment Share on other sites More sharing options...
scottbeard Posted December 26, 2021 Share Posted December 26, 2021 Anything with that many CAPITAL LETTERS always reads like SENSATIONALISM rather than ACTUAL NEWS 🙃 Quote Link to comment Share on other sites More sharing options...
Saving For a Space Ship Posted December 30, 2021 Share Posted December 30, 2021 Some Bondholders Yet to Be Paid, Stocks Slide: Evergrande Update https://www.bloomberg.com/news/articles/2021-12-29/focus-on-two-dollar-bond-coupon-payments-evergrande-update Quote Link to comment Share on other sites More sharing options...
msi Posted December 30, 2021 Share Posted December 30, 2021 28 minutes ago, Saving For a Space Ship said: Some Bondholders Yet to Be Paid, Stocks Slide: Evergrande Update https://www.bloomberg.com/news/articles/2021-12-29/focus-on-two-dollar-bond-coupon-payments-evergrande-update Smarter money pulled out early and quietly. Someone is gonna be crying later on Quote Link to comment Share on other sites More sharing options...
Huggy Posted December 30, 2021 Share Posted December 30, 2021 It's fine, it's fine. The massive payment that they defaulted on earlier this month was for a mind-blowing $82.5m. If I had a bill come in for that amount, I'd struggle a bit too TBH. This one from Tuesday, that they have 30 days to sort out, was only.... Quote $255 million https://www.reuters.com/world/china/china-evergrande-shares-fall-after-report-missed-coupon-payment-2021-12-30/ Let's hope Q122 doesn't have many multiples of this amount falling (past) due Quote Link to comment Share on other sites More sharing options...
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