The #EvergrandeGroup and #CountryGarden are in debt for half a trillion dollars in debt combined.
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Across #China, from #Guilin in southern China to #Dalian in the north, countless home buyers have emptied their life savings into homes that never materialized. #PropertyMarketCrisis #Evergrande

Crumbling buildings and broken dreams: China’s unfinished homes
https://www.aljazeera.com/economy/2023/10/31/crumbling-buildings-and-broken-dreams-chinas-unfinished-homes

Back toot Evergrande : https://noc.social/@Norobiik/111323978401479370

Back toot CountryGarden: https://noc.social/@Norobiik/111306601766567474

#HONGKONG -A Hong Kong court gave China #EvergrandeGroup a five week reprieve to come up with a deal with creditors or face #liquidation after the embattled developer said on Monday it was working on a revised debt restructuring plan. It has more than $300 billion of liabilities having defaulted on its #OffshoreDebt in late 2021. #PropertyMarketCrisis

#China #Evergrande winding up hearing adjourned | Inquirer Business
https://business.inquirer.net/429344/china-evergrande-winding-up-hearing-adjourned-as-it-seeks-new-debt-deal

Back toot: https://noc.social/@Norobiik/111137004902184280

#China’s #Property sector, once the pillar of the economy, has slumped since 2021 when real estate giant China #EvergrandeGroup defaulted on its debt obligations following a clampdown on new borrowing. As of the end of August, the combined floor area of unsold homes stood at 648 million square meters (7 billion square feet). #PropertyMarketCrisis

Even 1.4 billion people 'probably can't fill' all of China's vacant homes, ex-official admits | CNN Business
https://edition.cnn.com/2023/09/23/business/china-too-many-homes-for-1-4-billion-people-intl-hnk/index.html

"#Evergrande is at the centre of a crisis in #China's property sector that has seen a string of debt defaults since late 2021, and its stock has been suspended for 17 months." #RealEstateCrisis #EvergrandeGroup

Evergrande loses $2 billion in value as trade resumes; extends creditor voting
https://www.msn.com/en-ca/money/topstories/evergrande-loses-2-billion-in-value-as-trade-resumes-extends-creditor-voting/ar-AA1fRSSx

Back toot:
https://noc.social/@Norobiik/110910928297909003

China Evergrande Group has reported a narrower net loss for the first half of the year.

#China #EvergrandeGroup #Result #QuarterResult #Business #WorldNews

https://www.ganganews.com/business/chinas-evergrande-reports-narrower-h1-net-loss/

"A string of Chinese #PropertyDevelopers have defaulted on their #OffshoreDebt obligations since #Evergrande ran into trouble, leaving unfinished homes and unpaid suppliers, shattering consumer confidence in the world's second-largest economy." #RealEstateCrisis #EvergrandeGroup

Evergrande Seeks US Court Nod for $32 Billion Debt Overhaul as #China Economic Fears Mount
https://www.usnews.com/news/world/articles/2023-08-17/china-evergrande-files-for-protection-in-us-court-as-part-of-32-billion-debt-overhaul

Back toot:
https://noc.social/@Norobiik/110908670994375523

..plus an ailing #RealEstate market still reeling from the #EvergrandeGroup debacle two years ago. Condos & apartments people own are worth much less than their original purchase price now.

"At Utah fundraiser, #US president says #China’s #employment and workforce issues pose a risk, because ‘when bad folks have problems, they do bad things' "

China a ‘ticking time bomb’ because of economic woes, #JoeBiden warns | #USChinaTensions | The Guardian
https://www.theguardian.com/us-news/2023/aug/11/joe-biden-china-economy-time-bomb