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Chinese recession intensifies

Friday, 1 October 2021

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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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.