this post was submitted on 18 Aug 2023
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Embattled developer China Evergrande Group has filed for U.S. bankruptcy protection as part of one of the world's biggest debt restructurings, as anxiety grows over China's worsening property crisis and its impact on the weakening economy.

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[–] CoffeeAddict@kbin.social 1 points 1 year ago (2 children)

I’ll start by saying I am no economist, but even though it is not a surprising development it looks like the stock market still does not like it.

What are everybody’s thoughts? Will this end up snowballing into something much bigger, or will the situation stay under control?

[–] theinspectorst@kbin.social 2 points 1 year ago

This shouldn't be systemic. Evergrande has been circling the drain for over a year now and by this point those big international players (etc) that were exposed to it really ought to have got out or hedged.

[–] Neblib@mastodo.neoliber.al 1 points 1 year ago

@CoffeeAddict I don't see it being a 2008 level crisis, but its likely to get worse before it gets better with all the stuff stacked up on China right now. In their politics leading to some western disentanglement, their generational population risks, high interest rates reducing international investment, and catchup from pandemic total lockdowns, they got a lot on their plate.