Chinese policymakers fight each other as property goes bust

Monday, 18 October 2021

The media was swept up in old news late Friday when we saw this gem drop:

Chinese central bank on Friday tried to sooth market concerns over debt woes at embattled China Evergrande Group and other property developers, saying the spillover effect for the banking system is controllable.

Financial institutions’ risk appetite for the real estate sector has declined sharply recently after risks at some large developers were exposed, leading to a significant drop in lending to the sector, he said.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.