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.
In this article
Related
30 May 2022
A cache of documents known as "The Xinjiang Police Files" sheds new light on human rights abuses by the Chinese government towards the region's Uyghur minority.
4 Jun 2022
Whilst Russia represents an immediate threat, the long-term one China poses to the global order is more serious, US Secretary of State Antony Blinken has said.
5 Jun 2022
Activists slammed UN human rights chief Michelle Bachelet for her restrained criticism directed at China's leaders after her return from Xinjiang. But Bachelet noted that her visit was "not an investigation."
1 Jun 2022
Beijing has accused the US of spreading "disinformation" after Secretary of State Antony Blinken warned China could try to upend the international order.
30 May 2022
China persecutes the Uyghurs and backs Russia's war in Ukraine. That's prompting Berlin to rethink its relations with Beijing. But this "systemic rival" is also Germany's biggest trading partner.
30 May 2022
Chinese Foreign Minister Wang Yi held a virtual meeting with counterparts from 10 Pacific nations to discuss a deal that would expand China's influence in the region.
30 May 2022
The German car giant has claimed its presence in Xinjiang has a positive impact despite reports of ongoing human rights abuses. VW is also facing accusations of using slave labor in Brazil under the former dictatorship.
9 Jun 2022
The crew will be responsible for completing the assembly of the Tiangong space station, which is expected to be complete by the end of the year.
8 Jun 2022
A combination of geopolitical tensions and higher costs are pushing large firms to look for alternative production sites. Vietnam's strong economic performance in recent years has drawn the attention of European firms.
12 Jun 2022
The US president has outlined a new plan for economic cooperation with Latin America amidst rising Chinese influence in the region. He is also expected to present a new plan for regional migration issues.
10 Jun 2022
At a UN General Assembly meeting, China and Russia explained their vetoes of a proposal that would have imposed new sanctions on North Korea.
13 Jun 2022
Wei Fenghe slammed US Secretary of Defense Lloyd Austin's "smearing" accusation that China was causing regional instability. He said Beijing would do whatever it takes to ensure reunification with Taiwan.
Latest
34 mins ago
After massive layoffs, experts doubt that Twitter can hold up its security standards and effectively battle fake news. This could put activists worldwide in harms way and endanger lives of people in disaster areas.
39 mins ago
This weekend's clashes between police and protesters in the small French town of Sainte-Soline reflect growing anger over water reservoirs that are meant to help farmers to irrigate their crops in times of drought.
41 mins ago
The threat level raise for the UK-controlled enclave on the island of Ireland comes ahead of a visit by US President Joe Biden for the anniversary of the Good Friday agreement.
44 mins ago
The country has been witnessing a gradual increase in coronavirus infections in recent days. A new variant could be driving the rise but there's no need to panic, experts say.
45 mins ago
Russia has lost tanks in the town of Avdiivka due to "tactically flawed" assaults, according to British intelligence. Meanwhile, the first Challenger 2 tank has arrived in Ukraine. DW has the latest.
1 hour ago
The Super Eagles fulfilled their promise of revenge against Guinea-Bissau and we will be reviewing the game for you. Ayomide Sotubo dissects what we learned from the two fixtures on this episode of The Nutmeg.