In recent years, there has been a popular trend of buying property in the Greater Bay Area (GBA), an area including Hong Kong, Macau, and nine Pearl River Delta cities in the Guangdong Province in southern China. Some of the projects were even promoted under a “guaranteed return” tag, to lure potential investors. Recently about…
Unfinished Buildings in China Put Trillions of Chinese Bank Loans at Risk
Amid the real estate debt crisis, China Evergrande Group and two other Chinese property giants have fallen from the 2022 Fortune Global 500, reducing the number of Chinese property developers to five from eight last year. Fewer Chinese developers in the Global 500 reflect the collapsing Chinese real estate market as domestic demand and home…
China’s Local Financial Shortfall to Reach 6 Trillion Yuan As Housing Market Plunges: Expert Predicts
The Chinese real estate market collapsed in July with all indices falling. An expert predicts that the real estate plunge, together with the economic slowdown, will lead to a financial shortage of 6 trillion yuan (about $889.6 billion) for local governments for the year, as the local governments’ revenues from land sales may be halved…
China’s Banking and Property Sector Problems Affect Hong Kong: Analyst
With the sluggish economy in mainland China’s banking and property system, with bank depositors unable to withdraw their money, and home buyers boycotting mortgage repayments to banks, Hong Kong banks’ loans to the mainland are affected and its banks face increased risks. “The impaired loan ratios for Hong Kong banks’ mainland loans will likely further…
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