thepatriot2705
09-08-21, 00:07
https://www.zerohedge.com/markets/default-appears-probable-evergrande-drops-below-2009-ipo-price-after-fitch-triple-downgrade
One of these days, someone will finally put China's largest and most indebted property developer, Evergrande - which has been teetering on the verge of insolvency for months - out of its misery. While that day is not here yet, Fitch just hammered another nail in the coffin of "China's Lehman" with a 3-notch downgrade which saw the company's long-term foreign currency issuer rating drop from CCC+ to CC (D is just one letter away), and which saw the rating agency say that "default of some kind appears probable" as the company struggles to address its worsening liquidity issues.
So, does this partly explain the insane housing market over the past year?
Does China bail them out? Do they let them collapse to cause instability around the world financial markets to claim position as number 1 economy?
Great reset trigger?
One of these days, someone will finally put China's largest and most indebted property developer, Evergrande - which has been teetering on the verge of insolvency for months - out of its misery. While that day is not here yet, Fitch just hammered another nail in the coffin of "China's Lehman" with a 3-notch downgrade which saw the company's long-term foreign currency issuer rating drop from CCC+ to CC (D is just one letter away), and which saw the rating agency say that "default of some kind appears probable" as the company struggles to address its worsening liquidity issues.
So, does this partly explain the insane housing market over the past year?
Does China bail them out? Do they let them collapse to cause instability around the world financial markets to claim position as number 1 economy?
Great reset trigger?