The measures the #CCP announced are intended to make it easier for Chinese people to access capital and buy property, but access to debt is not the problem here. People in the country do not want to spend money because they are already sitting on large amounts of #RealEstate debt tied to declining properties. #China #PropertyMarketCrisis

#XiJinping just fired his giant money cannon at the wrong target
https://www.msn.com/en-us/money/markets/xi-jinping-just-fired-his-giant-money-cannon-at-the-wrong-target/ar-AA1rp3Yj?ocid=emmx-mmx-feeds&PC=EMMX01

Judgement day for #PriceWaterhouseCooper (#PwC).
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The auditor #PwC #China has reportedly told clients that it expects to receive a six-month ban from Chinese authorities, and potentially a large fine, as a punishment for its role in auditing the collapsed property developer #Evergrande.

#PropertyMarketCrisis

PwC expecting six-month #ChinaBan over Evergrande audit
https://www.bbc.com/news/articles/c1w78rwlqvxo?utm_source=press.coop

#BEIJING (Reuters) - #China’s sputtering economy has prompted a dire, new shorthand online for #pessimism about the prospects for any turnaround for #jobs, #incomes and #opportunity: “the garbage time of history.”

#PropertyMarketCrisis

#GarbageTime': China’s slump spins out new meme of #EconomicDespair
https://uk.finance.yahoo.com/news/garbage-time-china-slump-spins-080457372.html

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#China's #exports topped forecasts month in May, but experts say the jury is still out on whether the export sales are sustainable. Specially because of growing #TradeTensions between China and the US/Europe.

Meanwhile, a protracted #PropertyMarketCrisis continues to drag on domestic demand.

China's factories seen extending activity declines in June: Reuters Poll
https://www.reuters.com/markets/asia/chinas-factories-seen-extending-activity-declines-june-2024-06-27/

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#Japan's #akiya (abandoned homes) have ballooned to nine million as of October 2023, accounting for nearly 14% of all homes in the country. The number is set to increase as Japan's population shrinks, ages, and moves from rural to urban dwellings. #AgingPopulation #PropertyMarketCrisis

Japan's glut of abandoned, derelict homes created so many eyesores and safety hazards it's making the #PropertyMarket bleed billions
https://www.businessinsider.com/japan-akiya-abandoned-homes-property-market-bleeding-billions-2024-6?op=1

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#Policymakers have been attempting to rein in the oversupply of housing, and support debt-laden developers since the real property market went into freefall in 2020, hit by the #pandemic and a sudden #RegulatoryCrackdown on indebted lenders.

But the #PropertyGlut is still holding down prices despite all government attempts to revive market. #PropertyMarketCrisis

#China new #HomePrices drop at fastest rate in nearly a decade
https://www.theguardian.com/business/article/2024/jun/17/china-new-home-prices-fall-property-market

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#Property long served as a vital growth engine as #China developed to become the world's second-largest economy but in 2020, regulatory curbs on #ExcessiveBorrowing and #speculation narrowed access to credit.

#MountingDebt and #StalledConstruction have plagued the sector's leading firms since. #PropertyMarketCrisis #YouthUnemployment #AgingPopulation

China waits anxiously for economic plan as gloom reigns
https://finance.yahoo.com/news/china-waits-anxiously-economic-plan-032845643.html

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Right on the money. China's cratering home sales is going to sink their economy otherwise.
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"Without a strong consumer base, #China can never be the superpower he (#XiJinPing) wants it to be." #PropertyMarketCrisis #YouthUnemployment

#Bloomberg Opinion: Is China's Economic Priority Shifting? [VIDEO]
https://www.msn.com/en-gb/money/other/bloomberg-opinion-is-china-s-economic-priority-shifting/vi-BB1mT9kV?ocid=emmx-mmx-feeds&PC=EMMX01

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Shares of Chinese developers wobbled on Monday (May 20) as investors fretted that #China's "historic" steps to stabilize its crisis-hit #PropertySector fell short of what is required to foster a sustainable turnaround in demand and confidence. Francis Maguire reports. #PropertyMarketCrisis

China's property support measures disappoint [VIDEO]
https://www.msn.com/en-us/money/realestate/china-s-property-support-measures-disappoint/vi-BB1mInB2?ocid=emmx-mmx-feeds&PC=EMMX01

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Analysts said the central government's decision to step in as a buyer marked an important step but noted that the size of financing on offer pales in comparison to the estimated trillions of yuan worth of #HousingInventory across the country. #PropertyMarketCrisis

#China's #PropertySupport measures disappoint, developers' shares falter
https://www.msn.com/en-us/money/markets/china-s-property-support-measures-disappoint-developers-shares-falter/ar-BB1mJ5Yz?ocid=emmx-mmx-feeds&PC=EMMX01

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#Investors hoped the measures marked the beginning of more decisive #GovernmentIntervention to compensate for waning demand for new and old apartments.

But longer-term questions about #HousingDemand persist in a country facing a severe #DemographicDownturn and where 96% of households already own at least one home. #PropertyMarketCrisis

#China unveils 'historic' steps to stabilise crisis-hit property sector
https://www.msn.com/en-us/money/realestate/china-unveils-historic-steps-to-stabilise-crisis-hit-property-sector/ar-BB1myJXD?ocid=emmx-mmx-feeds&PC=EMMX01

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The #Guangzhou-based developer acknowledged it was unable to service the coupon on a US$483 million bond maturing in 2025 within the grace period that ended on Monday. #AgileGroup has been struggling along with the country's overall sector as #HomeSales remain sluggish.

#China #PropertyMarketCrisis

Chinese developer Agile’s interest-payment default on US$483 million bond sends shares tumbling
https://www.scmp.com/business/china-business/article/3262606/chinese-developer-agiles-interest-payment-default-us483-million-bond-sends-shares-tumbling

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Last week, #CountryGarden revealed that it had missed an #InterestPayment worth around 66 million yuan ($9.1 million) for #OnshoreBonds due May 9. It had already defaulted on its #OffshoreDebt.

Had #CountryGarden failed to pay within a 5 day grace period, then the guarantor— state-owned #ChinaBondInsurance—would have paid instead. #PropertyMarketCrisis

Beijing narrowly escapes having to cover the debts of developer Country Garden
https://fortune.com/asia/2024/05/13/country-garden-makes-interest-payment-avoids-guarantor-paying-debt-china-real-estate-crisis/

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“There is a real possibility that worsening sales could lead to the default of a major state-owned property developer and send the market down another leg. Meanwhile, the sequence of events needed to spur a turnaround for the better looks increasingly improbable,” Rosalea Yao and Xiaoxi Zhang (Gavekal analysts) #PropertyMarketCrisis

Weak sales led #China’s #PropertyMarket Can’t Heal. Who Feels the Pain.
https://www.msn.com/en-us/money/realestate/china-s-property-market-can-t-heal-who-feels-the-pain/ar-AA1nCH0v

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#PricewaterhouseCooper is in big, big trouble.
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Heavily indebted #Evergrande has become a symbol of the years-long crisis in #China's #PropertyMarket, and last month its onshore unit was accused of a $78 billion revenue overstatement.

#PwC was the auditor for Evergrande for more than a decade before resigning last year. #PropertyMarketCrisis

#HongKong regulator to investigate PwC auditing of Evergrande
https://www.france24.com/en/live-news/20240420-hong-kong-regulator-to-investigate-pwc-auditing-of-evergrande

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It's a disaster decades in the making - we're just witnessing the tail end of it.

CNBC's video excellently summarizes the debacle in just 8+ minutes.
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#China's top #RealEstate developers, #Evergrande and #CountryGarden, have defaulted on their debts. But the issues in China's #PropertyMarket have much deeper roots. #PropertyMarketCrisis

How China's property bubble burst | Watch
https://www.cnbc.com/video/2024/02/29/how-chinas-property-bubble-burst.html

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The troubles at #SichuanTrust are a microcosm of the strain spreading through #China’s £2.3tn #TrustIndustry as an #EconomicDownturn, combined with tighter government regulation, risks torpedoing a major part of the #ShadowBanking industry that has filled the gaps left by traditional financial institutions. #PropertyMarketCrisis #zhongzhi

‘It’s legalised robbery’: anger grows at China’s struggling #ShadowBanks

https://www.theguardian.com/business/2024/feb/18/anger-grows-at-china-struggling-shadow-banks

Back toot: https://noc.social/@Norobiik/111720687963075543

Chinese #investors, angry about the state of their country's #economy, are using an unlikely forum to vent their frustrations: A post about #giraffes on the #USEmbassy's #Weibo account.

More than 165,400 comments have flooded the post on Weibo which details how scientists in Africa used AI and GPS to track and protect wild giraffes. #PropertyMarketCrisis #StockMarketCrash #China

https://www.businessinsider.com/china-investors-stock-market-censorship-economy-us-embassy-social-2024-2

Back toot: https://noc.social/@Norobiik/111864660465618384

#Beijing, the report said, has moved to censor #SocialMedia and news articles from financial experts and economists who share a downbeat perspective. The #WSJ similarly reported that some of the nation's top officials have reiterated the importance of promoting the "bright prospects of #China's economy." #PropertyMarketCrisis #YouthUnemployment #Deflation

China is reportedly scrubbing the #internet of negative coverage of its #economy
https://www.businessinsider.com/china-economy-investors-negative-economic-coverage-media-real-estate-stocks-2024-2

Back toot: https://noc.social/@Norobiik/111864617483724984

Following the collapse of #China’s once-largest developer, #Evergrande, around 20 million unfinished housing units have been left in China. In the north city of #Shijiazhuang, one buyer told Reuters he'd "lost confidence" and didn't want to invest in China again. Rachel Judah has more. #PropertyMarketCrisis

Chinese buyers lose faith after Evergrande collapse | Watch
https://www.msn.com/en-us/money/companies/chinese-buyers-lose-faith-after-evergrande-collapse/vi-BB1hGqMj?ocid=emmx-mmx-feeds&PC=EMMX01

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