after the company revealed one of its units had missed a debt payment. the struggles of vast property giant evergrande have rattled markets as it battles for survival under $300 billion of debt. mariko oi is following this for us in singapore. so is kaisa the new evergrande? evergrande has been the most high profile example, if you like, of china s debt crisis but there are others in the property sector with similar issues. we saw fantasia, cnet, as well as china properties group all defaulting on debt in recent months, and kaisa group has become the latest in that this payment. according to one estimate, a banking giant, their total combined debt of their total combined debt of the property sector is estimated to be more than $5
trillion. that is almost the size of japan s economy. beijing has since restricted how much these developers can borrow, and it has also proposed introducing a local property tax but the move will be very controversial because local governments rely on land sales or revenue. local investors and a commissar worried that these issues facing developers may make consumers even more reluctant to buy property in an economy where real estate has really been a major driver for growth, and already we have seen property sales and prices falling in september, which has been somewhat unheard of due to the property boom, so it s certainly fresh concerns after a trading halt of kaisa group. mariko oi, thank you for that update. the pound slumped as much as 1.5% against the us dollar on thursday, its biggest fall since the beginning of the pandemic in march 2020. that s after the bank
economies need right now is another trade war, especially with inflation running so high and already filtering through to hurt earnings of some companies and expectations that it could get an even bigger problem in the months to come. thank you very much. susannah streeter. to asia now, where chinese real estate giant evergrande looks like it has avoided defaulting on its debts for now. according to chinese state media, evergrande has made a payment to overseas bond holders ahead of a deadline tomorrow. evergrande is struggling under massive debts of some $300 billion and fears it could default have rattled global markets. mariko 0i is following this for us in singapore. a huge sigh of relief but is evergrande as isolated a case as the people s bank of china would have us believe? evergrande is the one that
Transcripts for CNN CNN Newsroom Live 20211021 08:40:15 archive.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from archive.org Daily Mail and Mail on Sunday newspapers.
appetising than buying tokens from a server gel to keep it in wallets and it could be linked to criminal activity. this is the legitimate face of bitcoin trading. the legitimate face of bitcoin tradinu. . ~ the legitimate face of bitcoin tradinu. ., ~ ,., the legitimate face of bitcoin tradinu. . ~ ., the legitimate face of bitcoin tradin., ., ~ ., , to asia now where chinese real estate giant evergrande has faced another setback in its battle to avoid collapse. evergrande is struggling under massive debts of some 300 billion dollars and fears it could default have rattled global markets. now another plan to sell off part of the business has fallen through shares in the company were down 14 percent in hong kong today. sarah toms is following the story for us in singapore. the bad news just the bad newsjust keeps the bad news just keeps coming. so shares of the giant chinese property developer have taken an absolute hammering today as