Chinese housing giant unable to pay debts and could wreck global economy

Author
Newstalk ZB,
Publish Date
Wed, 22 Sep 2021, 12:46PM
China's property developer giant Evergrande is looking like it might default on its debt without state intervention. All eyes are on President Xi Jinping to see what he does next. (Photo / Supplied)
China's property developer giant Evergrande is looking like it might default on its debt without state intervention. All eyes are on President Xi Jinping to see what he does next. (Photo / Supplied)

Chinese housing giant unable to pay debts and could wreck global economy

Author
Newstalk ZB,
Publish Date
Wed, 22 Sep 2021, 12:46PM

Evergrande, one of China's largest real estate developers and one of the biggest businesses in the world, is causing a major crunch for the global economy. 

The massive business has massive debts, about $300 billion worth, and was due to pay off the interest on some of its bank loans yesterday. 

As the company remains in danger of defaulting, the US stock market and other global markets took a tumble.  

Forsyth Barr Head of Wealth Management Matt Henry joined Kerre McIvor to discuss.

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