Sunday, 23rd January 2022
<To guardian.ng
Search

China’s housing nightmare: The story behind Evergrande’s near-bankruptcy

By France24
05 December 2021   |   6:56 am
Chinese real estate giant Evergrande, saddled with around $300 billion in debt, has been struggling to meet interest payments on its loans. If it collapses, some of its partner firms could be driven to bankruptcy, prospective homebuyers could lose deposits and some banks would lend less money, which would lead to a credit crunch in the world's second-biggest economy. Property developers in China have in fact created an oversupply: there is enough empty property in the country to house more than 90 million people. FRANCE 24's team reports.

Related

23 Nov
China said it took the punitive step after self-ruled Taiwan opened a de facto embassy in Lithuania.
24 Nov
President Joe Biden has invited 109 countries to the virtual summit which will take place on December 9 and 10. China said adding Taiwan to the guest list was a "mistake."
27 Nov
Every two-and-a-half days a woman in Germany dies at the hands of her partner or former partner, according to figures presented on the International Day for the Elimination of Violence Against Women.
1 Dec
China's post-COVID recovery has been hurt by Beijing's crackdown on real estate and tech giants. Strong exports have, until now, saved the economy but what happens when global demand for Chinese goods slows?
5 Dec
East Africa has been ramping up efforts to expose its citizens to Chinese culture - particularly through language. In Kenya Mandarin is offered as a selective language in the national curriculum, while in Uganda it’s now a compulsory subject in some schools. But is this simply an exchange of cultures, or is there more to it?
5 Dec
Chinese real estate giant Evergrande, saddled with around $300 billion in debt, has been struggling to meet interest payments on its loans. If it collapses, some of its partner firms could be driven to bankruptcy, prospective homebuyers could lose deposits and some banks would lend less money, which would lead to a credit crunch in the world's second-biggest economy. Property developers in China have in fact created an oversupply: there is enough empty property in the country to house more than 90 million people. FRANCE 24's team reports.
2 Dec
The EU Commission on Wednesday (1 December) unveiled its plan to invest €300bn by 2027 in global infrastructure in digital and climate projects - as an alternative to China's Belt and Road initiative.
4 Dec
The governing body of women's tennis took the decision after Peng made an allegation of sexual abuse against a Chinese official. WTA chairman Steve Simon said he worried about player safety at tournaments in China.
5 Dec
Since September, the name Evergrande has caused panic on stock exchanges around the world. Paralysed by $300 billion in debt (€260 billion), or the equivalent of 2 percent of Chinese GDP, the country's second-largest real estate developer is now threatening Chinese growth. Evergrande has more than 1,300 construction projects across China, as well as financial products, electric cars, livestock, bottled water and even a football club.
6 Dec
The EU and China have pledged to boost funding of green investment projects in ASEAN. But will these erstwhile partners, whose relations have soured over the past year, be able to work side by side?
3 Dec
In this edition of Perspective, engineering student Ana Graham and professor Denis Bruneau join us to talk about their BaityKool project. The prototype of a sustainable, eco-friendly building adapted to hot temperatures won third prize in the Solar Decathlon Middle East competition in 2018. The innovative building offers a peek into what the future of sustainable housing could look like.
11 Dec
July 12 marks the fifth anniversary of a landmark ruling by the independent Permanent Court of Arbitration at The Hague that rejected China's claims to contested islands in the South China Sea. Despite the 2016 ruling, Beijing has deployed forces to prevent fishers from the Philippines from accessing the waters.