Neubau15
2024-01-31 18:31:04
- #1
Hello,
something about the real estate boom as we would not want it here with us in this form:
The Chinese Evergrande Group, formerly Hengda Group, based in Shenzhen (Guangdong) was recently the second largest real estate company in China measured by revenue. It developed and sold apartments mainly to residents with middle and higher incomes. In mid-2021, the company got into trouble due to high debt: at the end of June 2021, the company had liabilities of around 1.96 trillion Renminbi (252.5 billion euros). In August 2023, Evergrande applied for creditor protection in the USA under Article 15 of the US Bankruptcy Code. At the end of January 2024, a court in Hong Kong ordered the liquidation of the company.
My question now is, will that drag Europe and of course Germany into the abyss? With Country Garden, the largest real estate group in China itself is also deeply mired in debt. What if that one also goes bust?
What do you think?
something about the real estate boom as we would not want it here with us in this form:
The Chinese Evergrande Group, formerly Hengda Group, based in Shenzhen (Guangdong) was recently the second largest real estate company in China measured by revenue. It developed and sold apartments mainly to residents with middle and higher incomes. In mid-2021, the company got into trouble due to high debt: at the end of June 2021, the company had liabilities of around 1.96 trillion Renminbi (252.5 billion euros). In August 2023, Evergrande applied for creditor protection in the USA under Article 15 of the US Bankruptcy Code. At the end of January 2024, a court in Hong Kong ordered the liquidation of the company.
My question now is, will that drag Europe and of course Germany into the abyss? With Country Garden, the largest real estate group in China itself is also deeply mired in debt. What if that one also goes bust?
What do you think?