Uncanceled News
Chinese mega-developer Evergrande group is making waves as it defaults on payments and shares drop by 90 percent. The company, which is embedded across the country’s financial system, may force developers to take over some of the projects to ensure that homes are delivered to their buyers.
If this continues, an economic global collapse will ensue.
According to Jimmy Chang, chief investment officer at the Rockefeller Global Family Office, the company has $300 billion in outstanding debt, If it is not resolved, it will end up needing some deep-pocketed state-owned enterprises to take over.
Stumbling economic power
If China’s economy continues to stumble, it is expected to take down the global economy with it, This is why President Xi Jinping must strike the delicate balance between eliminating China’s debt and maintaining consumer confidence: One wrong move and the country could find itself in both economic and political chaos.
