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社評:恒大絕非不能倒 宏觀經濟應無憂 - 20210922 - 社評

【明報社評】內地房地產龍頭公司恒大集團的債務危機持續發酵,先是爆出商業票據逾期,後又傳出被銀行凍結資金、項目停工,公司更兩度警告投資者可能違約,成為近期輿論關注焦點,連美國白宮都表示關切。恒大債務龐大,危機的產生雖與內地遏抑房地產政策有關,但更多是因該公司盲目擴張、加大槓桿率以及內部治理弊端所致,現在斷言恒大危機將導致內房市場出現轉捩點乃至爆破點,甚至將其形容為引發系統性金融風險的中國「雷曼兄弟」,不是過分解讀,就是危言聳聽。

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