Posted 1/30/2024, 3:13:28 PM
Evergrande Ordered to Liquidate as China's Real Estate Bubble Bursts, Triggering Economic Crisis
- Evergrande, a massive Chinese real estate company, has been ordered to liquidate by a Hong Kong court due to its $300 billion in debt
- Evergrande's failure is a result of, not a trigger for, China's financial crisis caused by an inflated domestic property bubble
- The collapse of the property bubble has damaged China's economy, banks, unemployment, and government budgets
- China remains dependent on exports amid cooling foreign and domestic markets, questioning its economic capacity
- The Chinese government under Xi Jinping lacks the vision and willingness to reform its state-controlled economic model or address public discontent