Chinese recession intensifies

Evergrande news is thick and fast. Some kind of selective bail-out and bail-in is underway depending upon whether you’re Chinese or not. Sincocism:

Evergrande appeases high-yield onshore investors with partial cash repayment as some local governments bar property-for-debt swap | South China Morning Post

In a notice seen by the Post, the Housing and Urban-Rural Development Bureau of Xiangyin county in Hunan province on September 19 prohibited Hunan Jinyun Properties Company – an Evergrande project company – from using its project as payment on any debt held by construction companies or individuals that had not bought any units at the development..

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