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Post by wetkingcanute on Sept 23, 2021 16:57:46 GMT
Follow this story - I think it will have very far reaching repercussions. It might even turn China back from unfettered Capitalism to some sort of Socialism under it's Communist government.
Shares in Evergrande have jumped in Hong Kong after the troubled property giant struck an agreement with Chinese bond holders on Wednesday.
The announcement helped to calm some investor concerns over debts of more than $300bn (£220bn).
But the world's most indebted developer is also due to make a $83.5m interest payment on an overseas bond on Thursday.
The Hong Kong market was closed on Wednesday when the deal was announced.
After a volatile day of trading, Evergrande shares closed more than 17% higher.
The firm's shares have lost more than 80% of their value on the Hong Kong stock market so far this year as it struggles to raise money to meet its obligations.
£220 billion is more than I earn in a year!
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Post by flatandy on Sept 23, 2021 19:08:12 GMT
Yeah - I have a feeling that this might be a Bear Stearns-like canary in the coal mine. There might be a big property bubble pop in China with knock on effects in all those places where Chinese people have been offshoring cash into other housing markets (I’m looking at you, Vancouver, London, San Diego…)
And if it doesn’t, that means we know that the Chinese treasury is basically not going to let any big companies go to the wall, which allows them - like US and UK banks - to take absurd risks.
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ootlg
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Post by ootlg on Sept 29, 2021 17:08:06 GMT
There's a rush on gold now in China. Seems things are wobbling. But as you say, the Chinese government'll probably try to cover it up (and in so doing make it worse?)
October's always a good month for a crash.
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Post by Marshall on Sept 29, 2021 17:38:25 GMT
I've heard that this probably won't be as serious as feared.
Most of Evergrande's debt is held outside of China to countries that aren't about to call on it.
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voice
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Post by voice on Sept 29, 2021 17:42:54 GMT
Interesting article about China's financial dealings abroad. China hands out at least twice as much development money as the US and other major powers, new evidence shows, with most of it coming in the form of risky high-interest loans from Chinese state banks. The sheer amount of Chinese lending is startling. Not too long ago China received foreign aid, but now the tables have turned. Over an 18-year period, China has granted or loaned money to 13,427 infrastructure projects worth $843bn across 165 countries, according to the AidData research lab at William & Mary, a university in the US state of Virginia. Much of this money is linked to Chinese President Xi Jinping's ambitious Belt and Road strategy. Starting in 2013, it leverages China's expertise in infrastructure projects, and ample foreign currency, to build new global trading routes. www.bbc.com/news/world-asia-china-58679039 |
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ootlg
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Post by ootlg on Sept 30, 2021 7:29:47 GMT
It was that which triggered the Evergrande fears I think. Loadsamoney hanging in the balance.
But quantities of money don't matter any more; a crash is usually manufactured to order.
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Post by perrykneeham on Oct 20, 2022 9:52:06 GMT
Liz Truss - out of office on (or before) Monday.
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mids
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Post by mids on Oct 20, 2022 9:56:52 GMT
When's the soonest a GE can happen? Reluctantly (because Labour will likely win and that will be an utter disaster for Britain), I think we should probably have one. We gave the chicks and Commonwealth cousins an chance but they're not doing as well as they might.
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moggyonspeed
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"Anyone who considers protocol unimportant has never dealt with a cat."
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Post by moggyonspeed on Oct 20, 2022 10:08:38 GMT
Wow! You've noticed!! Progress!!!
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mids
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Post by mids on Oct 20, 2022 10:18:55 GMT
I'm only saying that if I can blame it on the chicks and CCs. It's only around the chaos in the government you understand and not general outcomes. Most other countries are in a similar boat to us in economic terms.
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moggyonspeed
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Post by moggyonspeed on Oct 20, 2022 10:24:03 GMT
Agreed, but they are comparatively better off because they have reasonably stable currencies, sustainable bond markets, and governments that are both politically and economically literate. The UK is currently deficient in at least two of those areas.
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mids
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Post by mids on Oct 20, 2022 10:26:24 GMT
They don't have seditious public broadcasters either. Just sayin'...
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ootlg
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Post by ootlg on Oct 20, 2022 10:41:38 GMT
True.
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Post by flatandy on Oct 20, 2022 10:57:27 GMT
Liz Truss - out of office on (or before) Monday. Is this a bold prediction? |
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Post by perrykneeham on Oct 20, 2022 12:32:23 GMT
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Post by perrykneeham on Oct 20, 2022 12:35:42 GMT
Gone.
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Post by perrykneeham on Oct 20, 2022 12:45:19 GMT
So, runners and riders?
For me, Rishi and Jezza Hunt with Penny as broodmare.
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mids
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Post by mids on Oct 20, 2022 12:47:47 GMT
I'd vote for Kemz if I had a vote.
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Post by flatandy on Oct 20, 2022 12:47:56 GMT
I think that's right. I think Rishi probably seems untenable as he lost with the party, so I think Penny is going to get the gig. I'm pretty sure they're going to lean on all the candidates to make sure there's only one standing for the job and we have a coronation.
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Post by perrykneeham on Oct 20, 2022 12:47:57 GMT
Jezza has said he's not up for the top job.
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