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China the monster.


kahuna1

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Looking like crony socialism to me.

 

.China caves, helps out Evergrande

 

https://www.sharecafe.com.au/2021/10/04/chi...out-evergrande/

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The Chinese government has blinked and has organised a partial bailout of stricken property giant, China Evergrande with mainland media reporting a looming $US5 billion asset sale.

 

The reports, in official media led by the Global Times, came hours after Evergrande shares were halted in Hong Kong with no explanation.

 

Mainland property group, Hopson Development also asked for its shares to be halted.

 

And several hours later we had the answer in the mainland media report which said Evergrande will sell a half-stake in its property management unit to Hopson Development for more than $US5 billion.

 

Evergrande said it requested a trading halt pending an announcement about a major transaction and Evergrande Property Services Group said the announcement constitutes “a possible general offer for shares of the company.”

 

China’s state owned Global Times said Hopson Development was the buyer of a 51% stake in the property unit for more than HK$40 billion ($US5.1 billion), citing unspecified other media reports. Hopson said it had suspended trading in its shares, pending an announcement related to a major acquisition of a Hong Kong-listed firm and a possible mandatory offer....

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https://www.afr.com/policy/economy/rba-worr...20211008-p58yh7

 

The RBA said a failure to act quickly enough to fix the vulnerabilities in China’s financial system raised the probability that an economic or financial disruption would trigger broader turmoil

 

 

 

 

Bank of Queensland chief economist Peter Munckton said there are good reasons to think Beijing would be able to contain the problem.

 

“China has a closed financial system, which means there is little foreign debt. And their regulators have plenty of power to ensure there is a resolution to any problems,” Mr Munckton said.

 

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i lean to later----that BOQ boss said.

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