Moody’s surprise downgrade of China’s credit outlook this week has reinforced concerns that the crisis in the country’s real estate market is spilling over into the wider economy.
China s real estate crisis is coming for its massive shadow banks cnnphilippines.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from cnnphilippines.com Daily Mail and Mail on Sunday newspapers.
In April, a group of international investors holding billions of dollars of Evergrande bonds backed a restructuring of the stricken Chinese property developer. Now, they are braced for a court.
Alibaba, once China’s best candidate to become a trillion-dollar company, is trading near its lowest value this year, at a fraction of its peak in 2020.