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The worrying financial situation of the Chinese property giant Evergrande

Page with all the IPSEs stored in the archive related to the Context The worrying financial situation of the Chinese property giant Evergrande.
The IPSEs are presented in chronological order based on when the IPSEs have been pronounced.

Andrew Grantham
Andrew Grantham

“While there's no certaintly, our base case is that this plays out more like an episode of the property show 'Love it or List it?'. Cracks in the foundation and a number of other problems are revealed. But, when the dust settles, we will end up falling back in love with the Chinese economy again, even if we can't get everything on our current wish list.”

author
Economist with CIBC (Canadian Imperial Bank of Commerce)
01 Oct 2021 2 3
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Tang Renwu
Tang Renwu

“The government knows that if it doesn't handle Evergrande carefully and lets it go bankrupt, disgruntled homeowners and shareholders could cause social instability, loan defaults could lead to financial risk, massive layoffs could add to employment woes, and private firms could be further spooked.”

author
Heads the School of Public Administration at Beijing Normal University
23 Sep 2021 7 4
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Cong Yi
Cong Yi

“Evergrande's crisis is not unexpected, as its development has been influenced by hoarding capital and splashing into unrelated businesses, such as bottled water and new-energy vehicles. The market has overreacted to Evergrande's debt problem. The central government guided the direction of the domestic property market early in 2016: Houses are for people to live in, not for people to speculate on. Hence, the exposure of Evergrande's crisis underscores the authorities' firm determination to regulate a rapidly expanding sector, whose development relies on piles of debt. Those who badmouth Chinese economic prospects because of Evergrande's single case do not understand China's development model. China's future economic development relies on innovation and the real economy, rather than the short-term booster of the property sector.”

author
Professor at the Tianjin University of Finance and Economics
23 Sep 2021 3 5
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Christina Xie
Christina Xie

“It's all my savings. I was planning to use it for me and my partner's old age. I worked day and night saving, now it's game over. Evergrande is one of China's biggest real estate companies ... my consultant told me the product was guaranteed.”

author
Person who works in the export sector in the southern city of Shenzhen and put her savings in a wealth management product sold by Evergrande
23 Sep 2021 3 3
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Paul Christopher
Paul Christopher

“The company could restructure its debts but continue in operation, or it could liquidate. In either case, investors in the company's financial instruments likely would suffer some losses. In the event of a liquidation, however, Chinese and global investors could decide that the contagion could spread beyond China.”

author
Head of global market strategy at Wells Fargo Investment Institute
22 Sep 2021 1 2
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Shen Meng
Shen Meng

“Evergrande still has huge assets enough to cover its liabilities, so except for helping financial institutions to roll over some loans, there is no need for the government to intervene at the current stage. Evergrande needs to solve its debt problem by itself, even if it may suffer some losses by selling some assets. It needs to lower its leverage ratio urgently.”

author
Director of Beijing-based boutique investment bank Chanson & Co
19 Sep 2021 2 2
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Xi Junyang
Xi Junyang

“The pricing of bonds needs to be greatly adjusted. Without a new trading method, the price of bonds may fall sharply and fluctuates. Many companies would adjust the trading mechanism for their bonds due to default risks. Should the developer default on its debts, there will be adverse effects across the financial sector, with possible spillover effects on the financial system and on other real estate companies. Creditors who provide funds to Evergrande, mostly some small and medium-sized banks, will face great asset losses and risk of cross-defaults. It will also be difficult for other real estate enterprises to raise funds due to the default concern.”

author
Professor at the Shanghai University of Finance and Economics
16 Sep 2021 7 2
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