Markets Insider - The Evergrande crisis is weighing on Chinese property investment and dragging the economy down, UBS and Barclays said.
- Both banks slashed their 2021 Chinese GDP forecasts, saying the energy crunch would also knock growth.
- China’s economy is unusually reliant on property investment for growth, making Evergrande a big worry.
The ongoing crisis at the property developer Evergrande is infecting the broader Chinese economy, according to UBS and Barclays, who warned that growth will be much lower than previously expected in 2021.
