Latest / On The Record with Christian Briggs
Will China's Real Estate Trash The Global Economy? Part 1
China has been building a large number of new cities that are becoming ghost cities. They were built because the Chinese government kept a line of credit open to real estate developers in order to maintain the consistency of the economy. One of the largest real estate companies, Evergrande, is in an enormous pile of debt, owing $305 billion dollars. Their potential bankruptcy can have devastating consequences on the global financial system.
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The skinny
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