this post was submitted on 28 Sep 2023
215 points (99.5% liked)

World News

38979 readers
2798 users here now

A community for discussing events around the World

Rules:

Similarly, if you see posts along these lines, do not engage. Report them, block them, and live a happier life than they do. We see too many slapfights that boil down to "Mom! He's bugging me!" and "I'm not touching you!" Going forward, slapfights will result in removed comments and temp bans to cool off.

We ask that the users report any comment or post that violate the rules, to use critical thinking when reading, posting or commenting. Users that post off-topic spam, advocate violence, have multiple comments or posts removed, weaponize reports or violate the code of conduct will be banned.

All posts and comments will be reviewed on a case-by-case basis. This means that some content that violates the rules may be allowed, while other content that does not violate the rules may be removed. The moderators retain the right to remove any content and ban users.


Lemmy World Partners

News !news@lemmy.world

Politics !politics@lemmy.world

World Politics !globalpolitics@lemmy.world


Recommendations

For Firefox users, there is media bias / propaganda / fact check plugin.

https://addons.mozilla.org/en-US/firefox/addon/media-bias-fact-check/

founded 1 year ago
MODERATORS
 

Shares in crisis-hit Chinese property giant Evergrande have been suspended in Hong Kong amid reports its chairman has been placed under police surveillance.

It follows reports earlier this week that other current and former executives had also been detained.

Thursday's market statement did not give a reason for the trading halt.

But it marks another low for the heavily indebted property giant which defaulted in 2021, triggering China's current real estate market crisis.

In August, the firm filed for bankruptcy in New York, in a bid to protect its US assets as it worked on a multi-billion dollar deal with creditors.

you are viewing a single comment's thread
view the rest of the comments
[–] autotldr@lemmings.world 8 points 1 year ago

This is the best summary I could come up with:


Shares in crisis-hit Chinese property giant Evergrande have been suspended in Hong Kong amid reports its chairman has been placed under police surveillance.

When the firm defaulted on its huge debts in 2021, it sent shockwaves through global financial markets as the property sector contributes to roughly a quarter of China's economy.

A credit crunch would be very bad news for the world's second largest economy, because companies that can't borrow find it difficult to grow, and in some cases are unable to continue operating.

Then on Wednesday, Bloomberg News reported the firm's founder Hui Ka Yan, who is also known as Xu Jiayin, had been taken away by police this month and was being monitored at a designated location.

"China's property-sector stress will continue to pose cross-sector credit risks in the near term," wrote Lan Wang and Duncan Innes-Ker of Fitch Ratings.

"The government's modest policy easing to date is unlikely to drive a sharp turnaround in homebuyers' sentiment, even though it has led to some recent improvements in broader economic indicators," their report said.


The original article contains 646 words, the summary contains 176 words. Saved 73%. I'm a bot and I'm open source!