Timm Posted October 15, 2023 Share Posted October 15, 2023 Another day, another $199 Billion… Quote Link to comment Share on other sites More sharing options...
shlomo Posted October 15, 2023 Share Posted October 15, 2023 27 minutes ago, Timm said: Another day, another $199 Billion… ? Quote Link to comment Share on other sites More sharing options...
A.steve Posted October 15, 2023 Share Posted October 15, 2023 1 hour ago, shlomo said: Quote Another day, another $199 Billion… ? I imagine it's a reference to "Country Garden". Quote Link to comment Share on other sites More sharing options...
Timm Posted October 15, 2023 Share Posted October 15, 2023 49 minutes ago, A.steve said: I imagine it's a reference to "Country Garden". Indeed. https://www.theguardian.com/business/2023/oct/10/china-country-garden-default-on-debt-property-developer Quote China’s largest private developer has warned it could default on its international debts... Country Garden has about $200bn (£163bn) in liabilities and nearly $11bn in dollar-denominated offshore bonds. It has not defaulted so far, but has missed coupon payments on some dollar bonds since last month and faces the end of 30-day grace periods for making payments from next week. It said in a statement to the Hong Kong stock exchange the company said that it “expects that it will not be able to meet all of its offshore payment obligations when due or within the relevant grace periods, including but not limited to those under the US dollar notes issued by the company”. Quote Link to comment Share on other sites More sharing options...
A.steve Posted October 15, 2023 Share Posted October 15, 2023 5 hours ago, Timm said: Indeed. It was a bit cryptic though... there was no specific relevance for 'day' and only for $199bn... Enough info for a sleuth... but it doesn't really help establish a clear picture. We're told about these failed real-estate developers in China... but are we interpreting the news correctly? Is it a problem for the CCP if some companies (who have been doing what the CCP wants) are recognised as insolvent - and are replaced by some other companies who will also do what the CCP wants? Are we correctly interpreting the situation if we think insolvencies (denominated in Yuan) represent the same in China as insolvencies (denominated in USD or GBP) would represent, for us, in the West? In practise, the reality under both regimes will be what people believe it to be... are we sure that people will have similar beliefs? Quote Link to comment Share on other sites More sharing options...
Huggy Posted October 18, 2023 Share Posted October 18, 2023 Quote This will reignite our concerns about the housing market in China, "Excitement" surely? Country Garden: China property giant default fears grow https://www.bbc.co.uk/news/business-67142093 Quote Link to comment Share on other sites More sharing options...
msi Posted November 28, 2023 Share Posted November 28, 2023 Zhongzhi Enterprise Group: China investigates major shadow bank for 'crimes' Quote Link to comment Share on other sites More sharing options...
MerchantNavy Posted November 28, 2023 Share Posted November 28, 2023 5 hours ago, msi said: Zhongzhi Enterprise Group: China investigates major shadow bank for 'crimes' All we ever get is 'under investigation'. Will anyone ever get a prison sentence? Quote Link to comment Share on other sites More sharing options...
Orb Posted November 28, 2023 Share Posted November 28, 2023 9 minutes ago, MerchantNavy said: All we ever get is 'under investigation'. Will anyone ever get a prison sentence? No, but lessons will be learned. Quote Link to comment Share on other sites More sharing options...
msi Posted November 28, 2023 Share Posted November 28, 2023 58 minutes ago, MerchantNavy said: All we ever get is 'under investigation'. Will anyone ever get a prison sentence? 49 minutes ago, Orb said: No, but lessons will be learned. I'm guessing the Chinese Communist Party will bury some folk, disappear others, then have a convenient Trial. No doubt Suella is taking notes... Quote Link to comment Share on other sites More sharing options...
Saving For a Space Ship Posted December 4, 2023 Share Posted December 4, 2023 Just been on bbc , link to follow ... Evergrande faces final chance to avoid liquidation https://www.thestar.com.my/business/business-news/2023/12/04/evergrande-faces-final-chance-to-avoid-liquidation Quote Link to comment Share on other sites More sharing options...
Dames Posted December 4, 2023 Share Posted December 4, 2023 5 hours ago, Saving For a Space Ship said: Just been on bbc , link to follow ... Evergrande faces final chance to avoid liquidation https://www.thestar.com.my/business/business-news/2023/12/04/evergrande-faces-final-chance-to-avoid-liquidation Into the long grass for the 7th time apparently, according to 5 live this morning. D Quote Link to comment Share on other sites More sharing options...
Saving For a Space Ship Posted December 4, 2023 Share Posted December 4, 2023 24 minutes ago, Dames said: Into the long grass for the 7th time apparently, according to 5 live this morning. D thanks ........ related, another innocent couple, likely heading for the gulag ... A young couple's ordeal captivates Chinese internet https://www.bbc.co.uk/news/world-asia-china-67563596 Quote A young Chinese couple whose struggles to own a flat shed light on the country's economic downturn have captivated the nation. Zhang Yiliang and his wife Dong Lijun, both in their 30s, have documented the last two years of their lives, starting with the moment they purchased the flat. Their account "Liangliang Lijun couple" has earned more than 400,000 followers on Douyin. What began as a celebration eventually ran into trouble, including rows with the property developer who they said owed them money. In recent weeks, they alleged they were assaulted and had their videos censored, which gained them the sympathy of millions online. Their experience as small-towners who had big-city dreams appears to have resonated with so many ordinary Chinese people - and mirrored their challenges and dashed hopes amid a property crisis in a sluggish economy. "What you are posting is real life," a Douyin user wrote. "In fact, life is hard for most young people. It's not a party every night." Another comment, which was liked hundreds of times, read: "Their story resonates because they are just like us.".... Quote Link to comment Share on other sites More sharing options...
msi Posted December 4, 2023 Share Posted December 4, 2023 Evergrande creditors make last push to avert liquidation order Evergrande’s international creditors are pressing for a last-minute agreement to avert a court order to liquidate the highly indebted Chinese property developer. Quote Link to comment Share on other sites More sharing options...
Saving For a Space Ship Posted February 11 Share Posted February 11 (edited) Western hedge funds that saw a killing in billions of Evergrande bonds stunned when government handed out 99% haircut instead, sources say https://fortune.com/2024/02/08/evergrande-liquidation-99-percent-haircut-hedge-funds/ Edited February 12 by Saving For a Space Ship Quote Link to comment Share on other sites More sharing options...
msi Posted March 18 Share Posted March 18 Chinese authorities accuse Evergrande of inflating revenues by $80bn Interestingly they are only concerned on the impact on Mainland China's financials. Offshore creditors are basically f***ed and CCP doesn't give a s**t. Quote Link to comment Share on other sites More sharing options...
msi Posted April 8 Share Posted April 8 China property giant Shimao faces winding-up case State-owned China Construction Bank (Asia) filed the petition in Hong Kong over Shimao's failure to repay loans worth HK$1.58bn ($201.8m; £159.7m). Interesting a State Owned bank is pushing for the winding up...what do they know? Quote Link to comment Share on other sites More sharing options...
Aidan Ap Word Posted April 8 Share Posted April 8 5 minutes ago, msi said: China property giant Shimao faces winding-up case State-owned China Construction Bank (Asia) filed the petition in Hong Kong over Shimao's failure to repay loans worth HK$1.58bn ($201.8m; £159.7m). Interesting a State Owned bank is pushing for the winding up...what do they know? Looks like UK Banks (looking at you Northern Rock) circa 2007 ... Saddest thing of all - is that these -98% over 5 years stories are hardly rare TBH. 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.