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What impact is the Evergrande crisis going to have on China's economy in 2022? | DW News
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January 3, 2022
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3:56Now PlayingChinese real estate developer Evergrande announced Monday that it was once again suspending trading its shares in Hong Kong.
"At the request of the company, trading in the shares of the company was halted at 9.00 a.m. on January 3, 2022, pending the release by the company of an announcement containing inside information," the group said in a short statement on the Hong Kong stock exchange.
The country's property firms have struggled as a result of the Chinese government curbing excessive debt in the real estate sector. China's central bank also indicated last month that a state rescue for the property giant was not likely, with its governor describing the company's woes as a "market event."
With roughly $300 billion (around €265 billion) in liabilities, Evergrande has struggled to repay bondholders and investors; its stock lost almost 90% of its value last year.
Some smaller firms in China's property sector have also defaulted on loans as a result of Evergrande's crisis.
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