Will China rescue the troubled property group Evergrande?
One of China’s largest property firms Evergrande has debts of more than $300bn.
Fears that one of China’s biggest property developers could default on its debt are rippling through global markets.
The vast Evergrande group has outstanding debts of more than $300bn.
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Building work on many of its projects has stopped, and several investors have stopped being paid.
On Friday, the company entered a 30-day grace period to make an $83m interest payment, after missing a deadline.
The firm’s woes have been compared with the collapse of the Lehman Brothers group in the United States that preceded the 2008 financial crisis.
What would a possible collapse of this company mean for China and the world?
Presenter: Kim Vinnell
Guests:
Gareth Leather – Senior economist at Capital Economics
Victor Gao – Chair professor at Soochow University and also vice president at the Center for China and Globalization
Adam Hersh – Visiting economist at the Economic Policy Institute