Chinese Companies Default
Debt bubble: More Chinese companies default
China, which recently witnessed the Evergrande crisis in which the real estate bellwether was found $305 billion in the red, is also recording several major real estate players defaulting on their debt payments.
Three more Chinese companies have now reportedly run out of cash. They include Sinic Holdings, China Properties Group and Fantasia - all three have defaulted just like Evergrande, reports Indian news channel Wion.
China has now unleashed a financial pandemic as the Chinese economy has now become like a house of cards with weak foundations, the Wion report observed. After Evergrande, China's economic book myth is being exposed with its economy saddled with debt.
According to reports, several companies are facing bankruptcy with factories shut as there is no electricity and China's foreign creditors are showing signs of distress.
Evergrande is the world's most indebted real estate developer. It owes more than $300 billion. Even though it paid some of its Chinese creditors, it is clearly not good enough. The virus of bad debt has infected companies well beyond Evergrande, Wion news channel reported.
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
Support objective journalism for a small contribution.
