msi Posted September 18, 2023 Share Posted September 18, 2023 China police detain staff at Evergrande wealth unit Staff of embattled property developer Evergrande's wealth management unit have been detained by police in Shenzhen, southern China. Meanwhile, the takeover of the firm's insurance arm by a newly created state-owned insurer was announced on Friday. State bailout by stealth... Quote Link to comment Share on other sites More sharing options...
MerchantNavy Posted September 18, 2023 Share Posted September 18, 2023 1 hour ago, msi said: China police detain staff at Evergrande wealth unit Staff of embattled property developer Evergrande's wealth management unit have been detained by police in Shenzhen, southern China. Meanwhile, the takeover of the firm's insurance arm by a newly created state-owned insurer was announced on Friday. State bailout by stealth... Why, are they fearful of it being contagious? Quote Link to comment Share on other sites More sharing options...
msi Posted September 18, 2023 Share Posted September 18, 2023 17 minutes ago, MerchantNavy said: Why, are they fearful of it being contagious? The CCP is legitimised by the people trading 'freedom' for security. They know a massive financial crash would have rioting that even tanks can't stop. Quote Link to comment Share on other sites More sharing options...
Huggy Posted September 26, 2023 Share Posted September 26, 2023 More news on The Big Turd. Not entirely unexpected although it wasn't even £0.5bn, pocket change for these canny investors. Evergrande shares slide as mainland unit misses debt payment https://www.bbc.co.uk/news/business-66920878 Quote Beijing-based news outlet Caixin has also reported that several current and former Evergrande executives have been detained by authorities. One thing I like about China is they don't mess about. The other is the food and I'll have to think hard about any others. Quote Link to comment Share on other sites More sharing options...
fellow Posted September 26, 2023 Share Posted September 26, 2023 Chinese investors scramble to sell overseas properties amid shaky economic conditions https://www.scmp.com/economy/china-economy/article/3235448/chinese-investors-scramble-sell-overseas-properties-amid-shaky-economic-conditions Quote Link to comment Share on other sites More sharing options...
Fromage Frais Posted September 26, 2023 Share Posted September 26, 2023 1 hour ago, fellow said: Chinese investors scramble to sell overseas properties amid shaky economic conditions https://www.scmp.com/economy/china-economy/article/3235448/chinese-investors-scramble-sell-overseas-properties-amid-shaky-economic-conditions Maybe a biggie You would be amazed at the number of Uk front end folk have back end China investors. Many of the Chinese investors I have seen cannot stop gambling either so if they have 100m they would not think twice of leveraging it in Singapore and then using that to buy mortgaged properties in Uk both commercial and residential. I still am amazed how long things have kept wound as near zero may not be far from 4/5 but in leverage at scale it’s huge. Survive to 25 I head the Starwood capital guy used in his interview on YouTube to explain why no bargains…… yet Quote Link to comment Share on other sites More sharing options...
msi Posted September 26, 2023 Share Posted September 26, 2023 Evergrande shares slide as mainland unit misses debt payment Shares in China's Evergrande have slumped as the crisis at the embattled property developer has deepened. Its mainland unit Hengda Real Estate has defaulted on 4 billion yuan (£449m; $547m) of debt, it revealed on Monday. I wonder China will scale back from Taiwan, not because of the US Fleet and Royal Navy, but by the huge spending bailing out Evergrande and their ilk? Quote Link to comment Share on other sites More sharing options...
Roman Roady Posted September 26, 2023 Share Posted September 26, 2023 2 hours ago, Fromage Frais said: Maybe a biggie You would be amazed at the number of Uk front end folk have back end China investors. Many of the Chinese investors I have seen cannot stop gambling either so if they have 100m they would not think twice of leveraging it in Singapore and then using that to buy mortgaged properties in Uk both commercial and residential. I still am amazed how long things have kept wound as near zero may not be far from 4/5 but in leverage at scale it’s huge. Survive to 25 I head the Starwood capital guy used in his interview on YouTube to explain why no bargains…… yet Good scapegoat for a UK HPC! Quote Link to comment Share on other sites More sharing options...
msi Posted September 26, 2023 Share Posted September 26, 2023 1 minute ago, Roman Roady said: Good scapegoat for a UK HPC! I'm shocked at the sheer number of politically acceptable scapegoats the Tories have missed to unleash HPC and claim credit without any fall out. It's almost as if they didn't want HPC..... Quote Link to comment Share on other sites More sharing options...
fellow Posted September 26, 2023 Share Posted September 26, 2023 3 hours ago, Fromage Frais said: Maybe a biggie You would be amazed at the number of Uk front end folk have back end China investors. Many of the Chinese investors I have seen cannot stop gambling either so if they have 100m they would not think twice of leveraging it in Singapore and then using that to buy mortgaged properties in Uk both commercial and residential. I still am amazed how long things have kept wound as near zero may not be far from 4/5 but in leverage at scale it’s huge. Survive to 25 I head the Starwood capital guy used in his interview on YouTube to explain why no bargains…… yet Indeed. If foreign investors start selling up, this could have a huge impact on the UK housing market: https://www.buyassociationgroup.com/en-hk/2023/05/18/hong-kong-investors/ "Foreign investors own an estimated £90.7bn worth of property across the UK, with London still a firm favourite place to buy and invest as the economic centre of the country. In the capital, around £45.3bn worth of property is owned by non-residents. The research from London estate agent Benham and Reeves, using Land Registry data, found that 13.2% of all foreign-owned property in the UK was owned by Hong Kong investors, the highest of a list of 50 of the most prominent nations to invest in UK property. Combined across England and Wales, the report found that 187,275 residential properties were owned by buyers from overseas across the top 50 countries from which to invest. According to Benham and Reeves, Hong Kong investors own 24,759 homes in England and Wales. Hong Kong investors have also increased their presence by 11.6% since the same figures were looked at in 2022, showing how the popularity of the UK housing market has grown". Quote Link to comment Share on other sites More sharing options...
Fromage Frais Posted September 26, 2023 Share Posted September 26, 2023 59 minutes ago, msi said: I'm shocked at the sheer number of politically acceptable scapegoats the Tories have missed to unleash HPC and claim credit without any fall out. It's almost as if they didn't want HPC..... It is bizzaro but then they stink of trying not to fix anything at the risk of screwing everything. Better to have done a truss and had it done by next year 20/30% off and a pre election fiddle. I think it may even be too late now as the market has not corrected enough to get deals done in the volume to save them. Any fiddle now will just mean stubborn sellers will put their prices up and kill off any artificial recovery stone dead. Open goal now for labour let it fall for the first year or so and then fiddle a la Cameron and co Quote Link to comment Share on other sites More sharing options...
msi Posted September 26, 2023 Share Posted September 26, 2023 23 minutes ago, Fromage Frais said: It is bizzaro but then they stink of trying not to fix anything at the risk of screwing everything. Better to have done a truss and had it done by next year 20/30% off and a pre election fiddle. I think it may even be too late now as the market has not corrected enough to get deals done in the volume to save them. Any fiddle now will just mean stubborn sellers will put their prices up and kill off any artificial recovery stone dead. Open goal now for labour let it fall for the first year or so and then fiddle a la Cameron and co Pig Botherer had, by far and away, the biggest opportunity to fix the house price bubble and pin it all on No-More-Boom-And-Bust Brown. He could've used Austerity to burn through the State and have a smorgesboard of Tax cuts to win at least 2 GEs with enough of a margin to shut up his Rabid Right, and dodge Br*xit. I hope Cameron, May, Johnson, Truss, and Sunak get the top 5 places on Worst PMs in History. Even war monger Blair was a model of competency compared to the Tories. Quote Link to comment Share on other sites More sharing options...
spyguy Posted September 26, 2023 Share Posted September 26, 2023 7 hours ago, fellow said: Indeed. If foreign investors start selling up, this could have a huge impact on the UK housing market: https://www.buyassociationgroup.com/en-hk/2023/05/18/hong-kong-investors/ "Foreign investors own an estimated £90.7bn worth of property across the UK, with London still a firm favourite place to buy and invest as the economic centre of the country. In the capital, around £45.3bn worth of property is owned by non-residents. The research from London estate agent Benham and Reeves, using Land Registry data, found that 13.2% of all foreign-owned property in the UK was owned by Hong Kong investors, the highest of a list of 50 of the most prominent nations to invest in UK property. Combined across England and Wales, the report found that 187,275 residential properties were owned by buyers from overseas across the top 50 countries from which to invest. According to Benham and Reeves, Hong Kong investors own 24,759 homes in England and Wales. Hong Kong investors have also increased their presence by 11.6% since the same figures were looked at in 2022, showing how the popularity of the UK housing market has grown". The London Market, and maybe the odd Uni town. Outside of that... nah. Quote Link to comment Share on other sites More sharing options...
fellow Posted September 27, 2023 Share Posted September 27, 2023 12 hours ago, spyguy said: The London Market, and maybe the odd Uni town. Outside of that... nah. The ripple effect. . . . Quote Link to comment Share on other sites More sharing options...
Fromage Frais Posted September 27, 2023 Share Posted September 27, 2023 (edited) 4 hours ago, fellow said: The ripple effect. . . . Yep The average buyer in the golden triangle in Norwich ..... is not from Norwich. Going to be a few expensive mortgages resetting soon without the London wages to pay them. Sell the flat for 500k and buy a 300k house in Norwich and pocket the change...... nah take a huge mortgage and buy a house in NR2/4 for 600k+ ....... Fast forward to 2023 list it for 1m + who is going to buy it with the higher mortgage required and less for the London homes needed for the deposit. until recently the price differential was so great that its enabled it to limp along but once a certain point in London is crossed its game over and as per tradition Norfolks honeypot areas will plummet. There are lots of very nice homes for sale at the tope end in Norwich at the moment a few more and it may well be more than I have seen for many years. No bargains but plenty of choice. Edited September 27, 2023 by Fromage Frais Quote Link to comment Share on other sites More sharing options...
Frankie Teardrop Posted September 27, 2023 Share Posted September 27, 2023 200% overbuild in China. The MOAB (Mother Of All Bubbles) Quote Link to comment Share on other sites More sharing options...
Blobsy Posted September 27, 2023 Share Posted September 27, 2023 26 minutes ago, Frankie Teardrop said: 200% overbuild in China. The MOAB (Mother Of All Bubbles) Exciting times! Quote Link to comment Share on other sites More sharing options...
Frankie Teardrop Posted September 27, 2023 Share Posted September 27, 2023 1 hour ago, Blobsy said: Exciting times! Once you pop, you can't stop! Quote Link to comment Share on other sites More sharing options...
Huggy Posted September 28, 2023 Share Posted September 28, 2023 (edited) Evergrande shares halted as pressure mounts on firm https://www.bbc.co.uk/news/business-66932548 Quote Shares in crisis-hit Chinese property giant Evergrande have been suspended in Hong Kong amid reports its chairman has been placed under police surveillance. Gone done an oopsie, tee hee 🤭 Quote Trading in its two other units - the property services and electric vehicle - was also suspended on Thursday. Edited September 28, 2023 by Huggy Quote Link to comment Share on other sites More sharing options...
Blobsy Posted September 28, 2023 Share Posted September 28, 2023 Quote Link to comment Share on other sites More sharing options...
fellow Posted September 28, 2023 Share Posted September 28, 2023 On 27/09/2023 at 12:25, Frankie Teardrop said: 200% overbuild in China. The MOAB (Mother Of All Bubbles) 200% overbuild with a halving population. Yet they will continue knocking down new buildings whilst we struggle to house migrants on barges. Crazy world. Quote Link to comment Share on other sites More sharing options...
msi Posted October 10, 2023 Share Posted October 10, 2023 Advisers to Evergrande creditors warn of potential liquidation Advisers to international bondholders in Evergrande, the Chinese property developer that defaulted on its debts in 2021, have warned about a potential liquidation after its restructuring plan was unexpectedly derailed last month. Quote Link to comment Share on other sites More sharing options...
PeanutButter Posted October 10, 2023 Share Posted October 10, 2023 China’s Country Garden warns it could default on debt https://www.theguardian.com/business/2023/oct/10/china-country-garden-default-on-debt-property-developer Quote Link to comment Share on other sites More sharing options...
dances with sheeple Posted October 10, 2023 Share Posted October 10, 2023 2 hours ago, PeanutButter said: China’s Country Garden warns it could default on debt https://www.theguardian.com/business/2023/oct/10/china-country-garden-default-on-debt-property-developer Wider implications? Quote Link to comment Share on other sites More sharing options...
Saving For a Space Ship Posted October 15, 2023 Share Posted October 15, 2023 (edited) Quote JUST IN: A bank run has begun in China at the Bank of Cangzhou on fears that the collapse of Evergrande made them insolvent. Just a couple months ago, China's largest property developer, Evergrande, filed Chapter 15 bankruptcy. This week, Country Garden, another major Chinese developer, missed a debt payment. All as China's HY real estate index is down ~85% from its high. Housing alone accounts for 25% of China's entire GDP. China seems to be heading for a recession. https://twitter.com/KobeissiLetter/status/1713324401385513002 https://twitter.com/KobeissiLetter/status/1713324401385 Edited October 15, 2023 by Saving For a Space Ship Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.