Evergrande and the rest should have defaulted like 9 months ago but US funds need them alive as collateral for their balance sheets.
Dropping developer sales, decreasing GDP, dollar-bond default rate spikes and FED warns of high leverage
Sales of developers have plummeted. Of 31 listed Chinese developers 26 cited falls of at least 50% in April (YoY).
“Real estate accounts for about 25% of China’s GDP and has been a key driver of growth. Beijing needs to strike the right balance in supporting Evergrande while at the same time not enabling a moral hazard”
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