Developers owe $19.8bn in dollar-denominated offshore debt in the first three months of the year as issues that blighted Evergrande spread
with the number of marriages – and therefore demand for new properties from young couples – down 31% in the six years to 2019.Michael Pettis, professor of finance at Peking University, says the situation could morph into a systemic crisis that undermines the whole debt-ridden economy – the stuff of nightmares for Beijing’s political class, who are desperate to prevent contagion from the property crisis hurting ordinary Chinese.
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