Article

2021-11-10 Down Under

Fresh Evergrande warning as Chinese property giant owing $400billion misses its FOURTH deadline to pay off debts - and it's terrible news for Australia

[Daily Mail, where America gets its news]

Reserve Bank of Australia worried Evergrande won't repay all of its huge debts

It noted property giant's $420billion debt equivalent to 2 per cent of China GDP

Apartment builder's debts occurring as iron ore prices fall below $US90 a tonne

Chinese steel production already made record cuts to steel production in 2021

Posted by Skidmark 2021-11-10 00:00|| || Front Page|| [11132 views ] Top
File under: Commies

#1 Now let's default on our chi com depts.

Posted by Woodrow 2021-11-10 01:27|| 2021-11-10 01:27|| Front Page Top

#2 #1 Now let's default on our chi com depts.Posted by: Woodrow 2021-11-10 01:27

....Would that it could be so. If we defaulted on our debt to China, the shockwaves would send the entire planet into recession - or worse. And then we'd have to face the reality that without our debt to keep the Chinese even remotely honest, they would feel that they had nothing to lose.

Mike

Posted by Mike Kozlowski 2021-11-10 06:05|| 2021-11-10 06:05|| Front Page Top

#3 Westpac senior economist Justin Smirk said the record annual collapse in Chinese steel production was even more severe than 2008 during the height of the Global Financial Crisis.

Posted by Bertie Crains2651 2021-11-10 06:54|| 2021-11-10 06:54|| Front Page Top

#4 Default on our debt, and our mortgage rates will go back to the levels seen in the Carter Administration.

Our elites joined us at the hip to China. We're screwed, by (their) design

Posted by Thrirt Tholuque4361 2021-11-10 07:45|| 2021-11-10 07:45|| Front Page Top

/\ But how could that BE ???

Posted by Besoeker 2021-11-10 07:49|| 2021-11-10 07:49|| Front Page Top

#6 China is awash in trillions in bad loans. They have been papering it over with foreign currency and investors. But it can't go on forever especially with economies still shaky with the Coof running through them and the shutdowns.

What can't go on forever won't and it looks like the end game is coming. While China will be hurt, especially with the food shortage from the floods and factory shutdowns, the investor nations will be hurt the most as their economies tank into depression. They rely too much on raw and manufactured goods from China and the marketplaces, along with bond markets will be ruined.

It will be very, very interesting times.

Posted by DarthVader 2021-11-10 10:10|| 2021-11-10 10:10|| Front Page Top

#7 Pestilence, Famine, Death.
But at least we're not at War
yet

Posted by Merrick Ferret 2021-11-10 10:17|| 2021-11-10 10:17|| Front Page Top

#8 The Chicoms may just stiff the Aussies, just to cause them pain.

Posted by ed in texas 2021-11-10 10:40|| 2021-11-10 10:40|| Front Page Top

#9 Wouldn't a property giant have property as collateral? Evergrande should sell property before they default. They aren't doing that because they hope to have it both ways. If they don't pay the Bank of Australia should claim and sell the property.

Posted by ruprecht 2021-11-10 11:54|| 2021-11-10 11:54|| Front Page Top

#10 the property's crap. Apartment towers built in the middle of nowhere.

This is the Mother of all Property Bubbles. Subprime to the 10th power

Posted by Merrick Ferret 2021-11-10 12:07|| 2021-11-10 12:07|| Front Page Top

#11 Terrible news for anyone in Australia who was stupid or greedy enough to get into bed with China.
Like Sun Tzu said, "Don't trust China. China is asshole."

Posted by SteveS 2021-11-10 12:53|| 2021-11-10 12:53|| Front Page Top

#12 Many wheeler-dealers are in thrall to the "money on the table" rule, which justifies any deal by saying "if I don't make that deal, someone will." This obviously is both true and a rationalization for making skeevy deals with skeevy parties. The people dealing with China know damn well what they are lining up with. Right, Disney? Right NBA?

Posted by M. Murcek 2021-11-10 13:02|| 2021-11-10 13:02|| Front Page Top

#13 Merrick Ferret, why is an Australian bank loaning money to wealthy chinese property developers for property in China?

Posted by ruprecht 2021-11-10 16:33|| 2021-11-10 16:33|| Front Page Top

#14 evergrande today defaulted on two more payments and is over the grace period on two others

so that is officially in default IIUC

Posted by Lord Garth 2021-11-10 17:16|| 2021-11-10 17:16|| Front Page Top

#15 #13 Merrick Ferret, why is an Australian bank loaning money to wealthy chinese property developers for property in China?

Confucius say, "For find the greater fool, Grasshoppa"

Posted by Merrick Ferret 2021-11-10 17:27|| 2021-11-10 17:27|| Front Page Top

#16 DMSA - Deutsche Marktscreening Agentur, German finance company is preparing legal action.

In a few days a court will hear initial statements at which Evergrande will, unless they get money from the PRC, declare themselves bankrupt.

Posted by Lord Garth 2021-11-10 17:47|| 2021-11-10 17:47|| Front Page Top

#17 Payback for when Australia called out China's shitty Covid supplies last year.

Posted by Slappy 2021-11-10 19:44|| 2021-11-10 19:44|| Front Page Top

#18 The Chicoms may just stiff the Aussies, just to cause them pain.

If that happens, I wonder how fast Australia suspends coal exports to China?

Posted by Raj 2021-11-10 19:59|| 2021-11-10 19:59|| Front Page Top

#19 ^^ and pork shipments

Posted by DarthVader 2021-11-10 22:16|| 2021-11-10 22:16|| Front Page Top

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