Why China’s property crash isn’t a new Lehman moment
07 November 2021 | 4:12 pm
On the face of it, Chinese property developers' debts appear big enough to crash the national economy. But several factors could limit the real estate downturn and the threat of global financial contagion.
20 Nov 2021
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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.
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.
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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.
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?
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