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Title : With Evergrande Collapsing, China Is Entering A Liquidity Crisis
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With Evergrande Collapsing, China Is Entering A Liquidity Crisis

 

The Guardian: ‘China’s Lehman Brothers moment’: Evergrande crisis rattles economy 

President Xi Jinping faces serious test of his financial reforms as struggles of property giant send ripples through real-estate sector 

The crisis engulfing Evergrande, China’s second-biggest property company, is the greatest test yet of President Xi Jinping’s effort to reform the debt-ridden behemoths of the Chinese economy. 

It could also be the most significant test that China’s financial system has faced in many years. 

As angry protesters occupied the headquarters of the troubled property developer in recent weeks, some analysts have described the Evergrande crisis as “China’s Lehman Brothers moment”. 

Only this time it’s a credit-fuelled housebuilder that suddenly can’t pay its $300bn debts, rather than a blue-chip investment bank that many assumed was too big to fail but was instead thrown to the wolves 13 years ago. 

Read more ....  

Update #1: Enraged Evergrande Investors Go Full Pitchfork, Hold Management Hostage In Company Offices (Zero Hedge)  

Update #2: China pumps $14bn in cash into market amid Evergrande crisis (Al Jazeera)  

WNU Editor: If Evergrande is not bailed out, it will be a disaster for the Chinese economy. 

Unfortunately for the Chinese government, if they bail out Evergrande they will need to bail-out every other Chinese developer and bank facing debt and liquidity problems. When you accumulate all of these debts and obligations, we are talking about trillions of dollars. 

The video below is a good analysis on what is happening in China. His observations on Chinese culture and how it helped to create this crisis is spot on. 

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