Sounds like the problem is getting bad in China 😬 pic.twitter.com/sW3AMk0uld
— Financelot (@FinanceLancelot) July 24, 2022
How long can the CCP and PBOC go on playing “extend and pretend”?
Their entire being depends on prosperity and winning but China faces a deep crisis as their property market teeters on the brink.
Z&L Properties is a US entity of Chinese property developer Zhang Li, co-founder of R&F Properties in Guangzhou, China, which is now trying to restructure its debts and is negotiating with bondholders of its foreign-currency bonds. If these negotiations are successful for R&F, Fitch will consider this a “distressed debt exchange” and downgrade R&F to “restricted default.”
The tentacles of China’s collapsing property developers stretch deep into the US commercial and residential real estate market, particularly the trophy markets in San Francisco, Los Angeles, and Manhattan.
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