this post was submitted on 18 Aug 2023
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World News

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[–] SuperIce 13 points 1 year ago (1 children)

Don't give them any protection. Let these fuckers who helped ruin the housing economy die.

[–] [email protected] 3 points 1 year ago

Wwwwait, you mean my European housing market is also gonna crash? Can't wait!

[–] [email protected] 7 points 1 year ago

This is the best summary I could come up with:


The beleaguered firm borrowed heavily and defaulted on its debt in 2021, sparking a massive property crisis in China’s economy, which continues to feel the effects.

China’s real estate sector was long seen as a vital growth engine in the world’s second-largest economy and accounted for as much as 30% of the country’s GDP.

But Evergrande’s 2021 default sent shockwaves through China’s property markets, damaging homeowners and the broader financial system in the country.

The company’s default came after Beijing began cracking down on excessive borrowing by developers in an attempt to rein in soaring housing prices.

Since Evergrande’s collapse, several other major developers in China, including Kasia, Fantasia, and Shimao Group, have defaulted on their debts.

Earlier this week, Dubai-based automobile company NWTN, announced a $500 million strategic investment in Evergrande’s EV group in exchange for a stake of about 28%.


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