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Stocks crash on Chinese real estate fears

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MarketWatch

Why Evergrande suddenly exploded into a potential crisis in global financial markets

On Monday, this somewhat obscure overseas risk suddenly rocked financial markets from Asia to Europe and the United States, where the three major benchmark stock indexes, the S&P 500 (SPX) Dow industrials (DJIA ) and Nasdaq Composite (COMP) appeared to be heading for the worst one-day decline in more than two months. On one level, Evergrande – which is said to face at least $ 83.5 million in interest payments due Thursday, with a 30-day grace period – is worried about a liquidity crunch among all real estate companies. Chinese and Hong Kong, as markets quickly turn off access. funding in dollars. On a more macro level, the company’s woes highlight China’s large-scale regulatory crackdown on most of its businesses, starting with tech giant Alibaba Group Holding Ltd. (HK: 9988) which shakes confidence in the world’s second largest economy group.

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