Global investors who bought $527 billion of Chinese stocks and bonds in the 15 months through June begin to sell.
Protests intensify at China Evergrande Group offices across the country as the developer falls further behind on promises to more than 70,000 investors.Ĭonstruction of unfinished properties with enough floor space to cover three-fourths of Manhattan grinds to a halt, leaving more than a million homebuyers in limbo.įire sales pummel an already shaky real estate market, squeezing other developers and rippling through a supply chain that accounts for more than a quarter of Chinese economic output.Ĭovid-weary consumers retrench even further, and the risk of popular discontent rises during a politically sensitive transition period for President Xi Jinping.Ĭredit-market stress spreads from lower-rated property companies to stronger peers and banks. 20, according to people familiar with the matter.īy Shen Hong, Enda Curran and Sofia Horta e Costa Evergrande’s main banks were told by China’s housing ministry this week that the developer won’t be able to make interest payments due Sept.
