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China’s property market debt could weigh on the country for years - superadmin - 11-09-2021 China’s property market debt could weigh on the country for years, economist George Magnus warns
The debt problems facing China’s property sector are likely to cause a period of stagnation which affects both the domestic and global economy, according to George Magnus, economist and research associate at the China Centre at Oxford University. Hong Kong-listed shares of Chinese real estate developer Kaisa Group Holdings were halted on Friday after news that it had missed a payment on a wealth management product. This came on the back of the protracted saga involving debt-ridden developer China Evergrande Group. Of the challenges facing the world’s second-largest economy in the coming years, Magnus argued that debt — relating to the property sector in particular — could be the most problematic. - More - |