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119

Evergrande: Chinese property giant delisted after spectacular fall (www.bbc.com)

submitted 2 days ago by HBK@lemmy.dbzer0.com to c/world@lemmy.world

11 comments fedilink hide all child comments

Chinese property giant Evergrande's shares were taken off the Hong Kong stock market on Monday after more than a decade and a half of trading.

It marks a grim milestone for what was once China's biggest real estate firm, with a stock market valuation of more than $50bn (£37.1bn). That was before its spectacular collapse under the weight of the huge debts that had powered its meteoric rise.

Experts say the delisting was both inevitable and final.

"Once delisted, there is no coming back," says Dan Wang, China director at political risk consultancy Eurasia Group.

Evergrande is now best-known for its part in a crisis that has for years dragged on the world's second-largest economy.

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[–] Tempus_Fugit@midwest.social 3 points 2 days ago (1 children)

This only seems bad if you're drinking the capitalist Kool aid. Does this really matter at the end of the day?

[–] PanGodofPanic@lemmy.blahaj.zone 7 points 1 day ago

Mostly likely yes (insofar as a single bank can matter). When banks collapse it sets off a cascade of debt defaults which rapidly contracts the real money supply in an economy, since most actual wealth (and, in turn, the physical creation and transfer of goods, services, and labor that facilitates) is created via fractional reserve lending. This causes a recession. If it was only this bank, it probably wouldn't be that huge of a deal for China more broadly. But it's not only this bank, and it is a huge number of provincial pet banks all tied to the same development and speculation industry. There's a reason economists have been sounding alarm bells. That's not to say China doesn't have the resources to deal with this and/or the fallout, but it is at least a problem to be dealt with.