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Aerial photo shows a residential area of Evergrande in Nanjing, East China's Jiangsu Province.

Costfoto/NurPhoto

Evergrande’s last stand delayed

Embattled Chinese property developer Evergrande Group was meant to be in a Hong Kong court today, facing the once-unthinkable prospect of liquidation. The real estate colossus, which owns 1,300 projects in over 280 cities across China, has seen its shares plummet by 99% after the company defaulted on its $300 billion debt in 2021.

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Hui Ka Yan, chairman of Evergrande Real Estate Group Ltd, at a news conference in 2016.

REUTERS/Bobby Yip/File photo

From Evergrande to Nevergrande?

Troubles are growing for Chinese property development giant Evergrande. Last Thursday, trading of the company’s shares and those of two subsidiaries was suspended, and authorities accused Evergrande Chairman Hui Ka Yan of “illegal crimes.” Evergrande’s stock price has now plunged by 99% from its peak amid concerns that the company will not be able to restructure and repay its $300 billion debt after filing for bankruptcy protection in August.

Observers believe Hui’s lavish lifestyle – he flaunted a yacht, jets, and an estimated $42.5 billion fortune – displeased President Xi Jinping as Evergrande’s financial woes damaged China’s economy and created potential for social unrest.

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The next economic crisis Larry Summers is worried about
The next economic crisis | Larry Summers | GZERO World
youtu.be

The next economic crisis Larry Summers is worried about

On GZERO World, Ian Bremmer and former US Treasury Secretary Larry Summers discuss the policy response to the recent banking crisis involving Silicon Valley Bank and the Biden administration's actions.

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Episode 4: Is now the time to buy? Real estate dynamics in 2022

Transcript

Listen: As the global pandemic surged in the US, so too did home sales and home prices. On the flip side of things, commercial real estate took a hit as workers increasingly worked from home. As interest rates rise, we look to see what markets are still hot, which are cooling, and what impact this important sector has on the larger economy.

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What COVID-19 has meant for home sales & prices
Betty Liu Explains: What COVID-19 Has Meant for Home Sales & Prices | Money In :60 | GZERO Media
youtu.be

What COVID-19 has meant for home sales & prices

Betty Liu, Executive Vice Chairman for NYSE Group, explains:

How has the housing market reacted to the COVID-19 pandemic?

So, as you can well imagine, when stay-at-home orders are put in place, the housing market just dried up. Sales fell dramatically. Existing home sales in the month of April dropped nearly 18%. However, home prices actually continue to still rise. The median price for an existing home in the United States was $286,000. That was a rise of 7.4% from April of 2019.

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