China’s property giant Evergrande files for bankruptcy protection in Manhattan
Some real estate related news from China:<p>- Country garden, China's second biggest property company after Evergrande, missed a mere 22.5M payments for dollar denominated bonds. It is trying to restructure a $340B debt owned.  <a href="https://abcnews.go.com/Business/wireStory/chinas-government-defuse-economic-fears-after-real-estate-102332535" rel="nofollow noreferrer">https://abcnews.go.com/Business/wireStory/chinas-government-...</a><p>- Li Ka Shing, richest man in Hong Kong, just offered an immediate 30% off on his newest buildings for sale<p>- One of China's biggest shadow banks skipped payment.  These shadow banks provide liquidity to real estate companies, in short. <a href="https://www.bloomberg.com/news/articles/2023-08-16/chinese-shadow-bank-misses-dozens-of-payments-as-fallout-spreads" rel="nofollow noreferrer">https://www.bloomberg.com/news/articles/2023-08-16/chinese-s...</a><p>Some economic related news from China:<p>- China stopped reporting youth unemployment, estimated around 20-50%.  Which is why nobody really thinks China is growing at 5%. <a href="https://www.washingtonpost.com/world/2023/08/15/china-economy-youth-unemployment-rate/" rel="nofollow noreferrer">https://www.washingtonpost.com/world/2023/08/15/china-econom...</a><p>- foreign investment fell down 87% from the same period last year, lowest level in 25 years.  <a href="https://www.bloomberg.com/news/articles/2023-08-07/china-foreign-investment-gauge-at-25-year-low-amid-high-tensions?in_source=embedded-checkout-banner" rel="nofollow noreferrer">https://www.bloomberg.com/news/articles/2023-08-07/china-for...</a><p>- China's fertility rate dropped to record low 1.09 in 2022 <a href="https://www.reuters.com/world/china/chinas-fertility-rate-drops-record-low-109-2022-state-media-2023-08-15/" rel="nofollow noreferrer">https://www.reuters.com/world/china/chinas-fertility-rate-dr...</a><p>- China records fewest marriages in more than 3 decades <a href="https://www.cnn.com/2023/06/12/china/china-marriages-record-low-intl-hnk/index.html" rel="nofollow noreferrer">https://www.cnn.com/2023/06/12/china/china-marriages-record-...</a><p>- China's exports fell by 14.5% in July from a year ago, while imports dropped by 12.4% <a href="https://www.cnbc.com/2023/08/08/china-reports-double-digit-plunge-in-july-exports-and-imports-missing-expectations.html" rel="nofollow noreferrer">https://www.cnbc.com/2023/08/08/china-reports-double-digit-p...</a><p>- China's economy slipped into deflation <a href="https://www.bbc.com/news/business-66435870" rel="nofollow noreferrer">https://www.bbc.com/news/business-66435870</a>