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The 2020–2022 Chinese property sector crisis is a current
financial crisis A financial crisis is any of a broad variety of situations in which some financial assets suddenly lose a large part of their nominal value. In the 19th and early 20th centuries, many financial crises were associated with banking panics, and man ...
sparked by the difficulties of
Evergrande Group The China Evergrande Group is the second largest property developer in China by sales. It is ranked 122nd on the ''Fortune'' Global 500. It is incorporated in the Cayman Islands, a British Overseas Territory, and headquartered in the Houhai ...
and other Chinese property developers in the wake of new Chinese regulations on these companies'
debt limit A debt limit or debt ceiling is a legislative mechanism restricting the total amount that a country can borrow or how much debt it can be permitted to take on. Several countries have debt limitation restrictions. Description A debt limit is a l ...
s. The crisis spread beyond Evergrande in 2021, however, and also affected such major property developers as Kaisa Group,
Fantasia Holdings Fantasia Holdings Group Company Limited () is a leading property developer in China. It operates in five segments: property development, property investment, property operation services, property agency services and hotel services. Its other op ...
, Sunac, Sinic Holdings, and Modern Land. Following widespread online sharing of a letter in August 2021, in which Evergrande reportedly warned the
Guangdong Guangdong (, ), alternatively romanized as Canton or Kwangtung, is a coastal province in South China on the north shore of the South China Sea. The capital of the province is Guangzhou. With a population of 126.01 million (as of 2020 ...
government that it was at risk of experiencing a cash crunch, shares in the company plunged, impacting global markets and leading to a significant slow-down of foreign investment in China during the period August to October 2021. After rumours of financial difficulties surfaced in the summer of 2021, the company unsuccessfully attempted to sell assets to generate money. The company subsequently missed several debt payments and was downgraded by international ratings agencies. The company finally defaulted on an offshore
bond Bond or bonds may refer to: Common meanings * Bond (finance), a type of debt security * Bail bond, a commercial third-party guarantor of surety bonds in the United States * Chemical bond, the attraction of atoms, ions or molecules to form chemica ...
at the beginning of December, after a one-month
grace period A grace period is a period immediately after the deadline for an obligation during which a late fee, or other action that would have been taken as a result of failing to meet the deadline, is waived provided that the obligation is satisfied during ...
had elapsed. The ratings agency Fitch then declared the company to be in "restricted default". (See "
History History (derived ) is the systematic study and the documentation of the human activity. The time period of event before the History of writing#Inventions of writing, invention of writing systems is considered prehistory. "History" is an umbr ...
" section below for more details.) Thousands of
retail investors An investor is a person who allocates financial capital with the expectation of a future return (profit) or to gain an advantage (interest). Through this allocated capital most of the time the investor purchases some species of property. Type ...
, as well as banks, suppliers, and foreign investors are owed money by the company. In September 2021, the developer had 2 trillion RMB (310 billion
USD The United States dollar (symbol: $; code: USD; also abbreviated US$ or U.S. Dollar, to distinguish it from other dollar-denominated currencies; referred to as the dollar, U.S. dollar, American dollar, or colloquially buck) is the official ...
) in liabilities.


Background


Evergrande's diversification strategy

Evergrande's land reserves alone were large enough to house 10 million people in 2020. However, in the years preceding the 2021 crisis, Evergrande had pursued an aggressive expansion, including ventures in
electric vehicle An electric vehicle (EV) is a vehicle that uses one or more electric motors for propulsion. It can be powered by a collector system, with electricity from extravehicular sources, or it can be powered autonomously by a battery (sometimes c ...
s,
theme parks An amusement park is a park that features various attractions, such as rides and games, as well as other events for entertainment purposes. A theme park is a type of amusement park that bases its structures and attractions around a central ...
, energy, and many other sectors. These
leveraged In finance, leverage (or gearing in the United Kingdom and Australia) is any technique involving borrowing funds to buy things, hoping that future profits will be many times more than the cost of borrowing. This technique is named after a lever i ...
investments included Ocean Flower Island, a 100 billion RMB (US$15.5 billion) project to build an artificial island on the north shore of
Hainan Hainan (, ; ) is the smallest and southernmost province of the People's Republic of China (PRC), consisting of various islands in the South China Sea. , the largest and most populous island in China,The island of Taiwan, which is slight ...
near Yangpu in the
South China Sea The South China Sea is a marginal sea of the Western Pacific Ocean. It is bounded in the north by the shores of South China (hence the name), in the west by the Indochinese Peninsula, in the east by the islands of Taiwan and northwestern Phil ...
, plans to spend over 45 billion RMB (US$7 billion) between 2019 and 2021 in electric vehicle development, and ownership of
Guangzhou F.C. Guangzhou Football Club, formerly known as Guangzhou Evergrande Taobao Football Club, is a professional Chinese football club that participates in the Chinese Super League under the license of the Chinese Football Association. The team is based ...
, China's richest football club.


Wealth management products

On 21 September 2021, the ''
Financial Times The ''Financial Times'' (''FT'') is a British daily newspaper printed in broadsheet and published digitally that focuses on business and economic current affairs. Based in London, England, the paper is owned by a Japanese holding company, Nikke ...
'' reported that "Evergrande used retail financial investments to plug funding gaps". The company raised billions of dollars through wealth management products (WMP) and used the money to plug holes in its own funding and to repay other wealth product investors. The products sold were highly risky, with an anonymous executive suggesting they were "too risky for retail investors and should not have been offered to them". However, they were marketed widely. Evergrande managers, for instance, pressured subordinates to purchase products advertised at over 10% annual return. Total WMP liabilities stood at 40 billion RMB in September 2021. Referred to as a type of
supply chain finance Supply chain financing (or reverse factoring) is a form of financial transaction wherein a third party facilitates an exchange by financing the supplier on the customer's behalf. Also it refers to the techniques and practices used by banks and ...
, investors would invest money in
shell companies A shell corporation is a company or corporation that exists only on paper and has no office and no employees, but may have a bank account or may hold passive investments or be the registered owner of assets, such as intellectual property, or ...
they falsely believed existed to supplement
working capital Working capital (WC) is a financial metric which represents operating liquidity available to a business, organisation, or other entity, including governmental entities. Along with fixed assets such as plant and equipment, working capital is consi ...
. As sales of the products fell, their business model became unsustainable. An Evergrande executive was quoted as saying "Many people . . . might be arrested for financial fraud if investors don’t get paid off. Our products were not for everyone. But our grassroots salespeople didn’t consider this when making their sales pitches and they targeted everyone in order to meet their own sales targets." Other Chinese companies that sold wealth management products included
Baoneng The Baoneng Group (legal name Baoneng Investment Group Co., Ltd.) is a Chinese property and financial services conglomerate controlled by Chinese billionaire Yao Zhenhua, China's 52nd-wealthiest person as of August 2020. History The first predec ...
,
Country Garden Country Garden () is a property development company based in Guangdong, China, owned by Yang Guoqiang's family. In 2020, it is ranked 147th in Fortune Global 500 List. Country Garden features a market capitalization of over US$29.84 billio ...
, Sunac, and Kaisa.


The "three red lines" and other Chinese regulations

In an effort to rein in the highly indebted property-development sector, the Chinese government enacted a "
three red lines The three red lines (Chinese: 三條紅線, Simplified: 三条红线, Pinyin: sān tiáo hóng xiàn) are financial regulatory guidelines in China introduced in August 2020 relating to the ratio of debt to cash, equity and assets. It was introduced ...
" rule in 2020 to regulate the leverage taken on by developers, limiting their borrowing based on the following metrics: debt-to-cash, debt-to-equity, and debt-to-assets. Evergrande was considered by many analysts as
too big to fail "Too big to fail" (TBTF) and "too big to jail" is a theory in banking and finance that asserts that certain corporations, particularly financial institutions, are so large and so interconnected that their failure would be disastrous to the grea ...
. A Lehman-Brothers–style collapse would have massive consequences on the Chinese economy and the world at large. The new regulations greatly affected Evergrande, which had leveraged itself heavily in the preceding years. The company's stock price had outpaced the thirty-percent growth rate of the
Hang Seng Index The Hang Seng Index (HSI) is a freefloat-adjusted market- capitalization-weighted stock-market index in Hong Kong. It is used to record and monitor daily changes of the largest companies of the Hong Kong stock market and is the main indicator ...
between its 2009
IPO An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investment ...
and 2017, having multiplied eightfold. But it had also become the world's most indebted property group in the process. The ''Financial Times'' cited the director of S&P Global Ratings, who said that the developer was "so highly leveraged, it's likely to breach all of the alleged thresholds". The company announced in March 2021 that it was looking to cut its debt load by 150 billion RMB (US$23.3 billion). Nevertheless, Evergrande was still expanding, having launched 63 new projects in the first half of 2021. Other central and local government regulations, including
mortgage lending A mortgage loan or simply mortgage (), in civil law jurisdicions known also as a hypothec loan, is a loan used either by purchasers of real property to raise funds to buy real estate, or by existing property owners to raise funds for any p ...
limits, rent caps in big cities, and land
auction An auction is usually a process of buying and selling goods or services by offering them up for bids, taking bids, and then selling the item to the highest bidder or buying the item from the lowest bidder. Some exceptions to this definition e ...
cancellations, precipitated a slowdown in the property sector in 2021, as authorities attempted to control rising house prices. By 8 October 2021, 14 of China's 30 biggest developers had violated the regulations at least once. Guangzhou R&F violated all three regulations; Evergrande and Greenland Holdings violated two regulations; and
Aoyuan China Aoyuan Group Limited or Aoyuan is a property developer headquartered in Guangzhou, Guangdong, China. It is engaged in property development, leasing, and hotel operations in Mainland China. It develops real estate properties in Chongqi ...
, CIFI Holdings,
Country Garden Country Garden () is a property development company based in Guangdong, China, owned by Yang Guoqiang's family. In 2020, it is ranked 147th in Fortune Global 500 List. Country Garden features a market capitalization of over US$29.84 billio ...
, Greentown,
Jiangsu Zhongnan Jiangsu (; ; pinyin: Jiāngsū, alternatively romanized as Kiangsu or Chiangsu) is an eastern coastal province of the People's Republic of China. It is one of the leading provinces in finance, education, technology, and tourism, with it ...
, Risesun, Seazen Holdings, Shinsun Holdings, Sunac,
Sunshine City Group Sunlight is a portion of the electromagnetic radiation given off by the Sun, in particular infrared, visible spectrum, visible, and ultraviolet light. On Earth, sunlight is light scattering by particles, scattered and attenuation, filtered t ...
, and Zhenro Group violated one of the regulations. The developers mentioned had total sales in 2020 of over 4.34 trillion RMB (US$672 billion).


History of the crisis


Rumours, downgrades and warnings in summer 2021


The letter of warning

A letter circulated online on the last week of August 2020, where Evergrande informed the government of Guangdong province that they were close to running out of cash. The company alleges the letter has been fabricated and is "pure defamation", and followed its circulation by a number of public announcements to reduce fears from investors and the public.


Downgrades to credit rating

On 22 June 2021, Fitch downgraded Evergrande from B+ to B, and further downgraded it to CCC+ on 28 July. According to the company, the initial downgrade reflected "ongoing pressure for Evergrande to downsize its business and reduce total debt," with the latter action being due to "Evergrande's diminishing margin of safety in preserving liquidity". On 3 August 2021,
Moody's Moody's Investors Service, often referred to as Moody's, is the bond credit rating business of Moody's Corporation, representing the company's traditional line of business and its historical name. Moody's Investors Service provides internation ...
downgraded Evergrande's rating from B2 to Caa1. On 5 August,
S&P Global Ratings S&P Global Ratings (previously Standard & Poor's and informally known as S&P) is an American credit rating agency (CRA) and a division of S&P Global that publishes financial research and analysis on stocks, bonds, and commodities. S&P is cons ...
downgraded Evergrande and its subsidiaries from B− to CCC, two steps on its scale, qualifying it as having extremely speculative credit worthiness. On 7 September, Fitch downgraded Evergrande further from CCC+ to CC.


Missed debt payments and attempted asset sales in autumn 2021


Bond payments put in question

In a statement on 31 August 2021, Evergrande warned it would default on its debts if it failed to raise enough cash to cover them. At the time, Evergrande was China's most indebted real estate developer, and has several large bond payments to make for the foreseeable future. On 24 September, Evergrande missed off-shore bond payments totalling US$83.5 million. While the company had 30 days to avoid defaulting on the debt, analysts felt it was unlikely to manage doing so. On 12 October, Evergrande missed payments on three offshore bonds which totalled US$148 million. By this date, the developer had missed five bond payments during the crisis. On 20 October, Evergrande paid off US$83.5 million worth of interest in order to avoid a default on the 24 September bonds. On 10 November 2021, Evergrande defaulted on 3 additional bonds after missing the grace period for interest payments, but reportedly fulfilled the payments after the deadline.


Attempted asset sales

In order to raise capital, the group has started to sell off some of its assets. On 29 September 2021, the company sold a 20% stake in Shengjing Bank, retaining 15%, raising 10 billion RMB (US$1.5 billion). On 4 October 2021, the ''Cailian Press'' reported that rival Hopson Development was set to buy a 51% stake in the Evergrande Property Services subsidiary for around US$5 billion. On the same day, Evergrande froze its shares on the
Hong Kong Stock Exchange The Stock Exchange of Hong Kong (SEHK, also known as Hong Kong Stock Exchange) is a stock exchange based in Hong Kong. As of the end of 2020, it has 2,538 listed companies with a combined market capitalization of HK$47 trillion. It is rep ...
, citing a "possible general offer" in the near future, but until 20 October had not unfrozen them nor made announcements about the offer. On 20 October, they announced that the deal had fallen through and applied to reopen trading on its shares. Except for a stake in a regional bank, as of that date “there has been no material progress on sale of assets of the group” according to Evergrande. In response, shares fell 13.6%.


Planned forced delisting, and declarations of default

On 19 November 2021, it was announced that Hong Kong's Hang Seng China Enterprises Index intended to delist Evergrande Group. Reasons why companies are delisted are typically not given by the index. However, any delisting is likely to be due to the poor performance of the company since the crisis began. On 7 December 2021, it was reported that Evergrande had for the first time missed a deadline for payment of interest on US dollar bonds at the end of a 30-day grace period, with no sign of payment. A day later, trading in shares of the similarly embattled Chinese property developer Kaisa Group Holdings was suspended after an anonymous source said that Kaisa would probably not meet a deadline for $400 million offshore debt. In early December 2021, Kaisa was the second-largest holder (after Evergrande) of offshore debt among developers. The ratings agency Fitch further downgraded Evergrande Group (and Kaisa) on 9 December 2021 from "C" to "RD", thereby declaring that both groups had defaulted on offshore bonds. Fitch attached a so-called "restricted default" status to this downgrade. However, both property developers had not yet officially announced defaults that could lead to
debt restructuring Debt restructuring is a process that allows a private or public company or a sovereign entity facing cash flow problems and financial distress to reduce and renegotiate its delinquent debts to improve or restore liquidity so that it can contin ...
processes. On 10 December 2021, a third party forcibly sold about 3.4% of Chairman Hui Ka Yan's personal holding of Evergrande stock to enforce a “security interest” (the shares had been pledged). On 17 December 2021, credit rating agency S&P Global declared Evergrande in "selective default" with regard to payments for outstanding US-dollar bonds.


Litigation by the state and creditors, and freezing and seizing of assets in winter 2021/2022

Trading of Evergrande's shares was halted on 3 January 2022. On 4 January 2022, Evergrande was ordered to demolish 39 buildings in a Chinese resort. On 20 February 2022, various Evergrande contractors reported that assets worth over US$150 million had been frozen on orders of Chinese courts. Marco Metzler, Chairman of FMPC Consulting, who advised Evergrande creditors on possible
insolvency In accounting, insolvency is the state of being unable to pay the debts, by a person or company (debtor), at maturity; those in a state of insolvency are said to be ''insolvent''. There are two forms: cash-flow insolvency and balance-sheet in ...
proceedings with respect to Evergrande's Cayman Islands subsidiary, said on 23 February 2022 that based on an analysis by ratings agency Fitch, Evergrande could no longer be successfully restructured, and a liquidation of the company would return only between 0% and 10% of principal to creditors. On 15 March 2022, Evergrande's share price sank to a new all-time low of HK$1.16 (US$0.15), down from a high of over HK$31 in October 2017. On 17 March 2022, stocks of Sunac, China’s third-biggest property developer by sales, were downgraded to a B− credit rating by ratings agency S&P, because of concerns that the company might not be able to meet its very large debt repayments of nearly US$4bn for 2022. The company's liquidity position was revised downwards from “less than adequate” to “weak" by the ratings agency. On 22 March 2022, Evergrande said that it would delay the release of its financial results for 2021 due to "ongoing audit work"; in that week, about 13.4 billion yuan (US$2.11 billion) in deposits were seized by banks from its property services unit Evergrande Property Services Group because the money had been pledged as security for third-party guarantees.


Restructuring plan comes to nothing in spring and summer 2022

Evergrande promised to deliver a preliminary debt restructuring plan by 31 July 2022. However in August 2022 it had still not published any plans on restructuring the company. Instead, the company offered details on "preliminary restructuring principles" for its offshore debt; Evergrande added that it aimed for “a specific offshore restructuring plan within 2022.” On 2 September 2022, a Hong Kong High Court judge rescheduled to 7 November 2022 legal proceedings to wind up China Evergrande Group, in order to give the company time to formulate a restructuring plan.


Mortgage boycots and growing criticism of property companies in autumn 2022

Chinese homebuyers started boycotting mortgage payments in the middle of 2022. Data from the website “WeNeedHome” showed that homebuyers were boycotting payments for 343 projects in mid-September 2022. This was an increase from 318 projects in early July.


Contagion


Western markets

American and European companies had significant exposure to Evergrande through their holding of
corporate bond A corporate bond is a bond issued by a corporation in order to raise financing for a variety of reasons such as to ongoing operations, M&A, or to expand business. The term is usually applied to longer-term debt instruments, with maturity o ...
s. Ashmore Group, an
emerging market An emerging market (or an emerging country or an emerging economy) is a market that has some characteristics of a developed market, but does not fully meet its standards. This includes markets that may become developed markets in the future or were ...
specialist, owned more than $400 million at the end of June, while
UBS UBS Group AG is a multinational investment bank and financial services company founded and based in Switzerland. Co-headquartered in the cities of Zürich and Basel, it maintains a presence in all major financial centres as the largest Swis ...
owned over $300 million.
BlackRock BlackRock, Inc. is an American multi-national investment company based in New York City. Founded in 1988, initially as a risk management and fixed income institutional asset manager, BlackRock is the world's largest asset manager, with tri ...
had a total exposure of $400 million across all its funds, with one of its high-yield funds having acquired an additional $18 million worth of bonds in August. Other companies have had smaller exposure, with
HSBC HSBC Holdings plc is a British multinational universal bank and financial services holding company. It is the largest bank in Europe by total assets ahead of BNP Paribas, with US$2.953 trillion as of December 2021. In 2021, HSBC had $10.8 tri ...
having a peak exposure of $31 million.


China

On 28 September 2021, Sunac bought back $34 million of its bonds and denied requesting government assistance. A letter, which the developer claimed was merely a draft, surfaced online arguing that recent regulations in
Shaoxing Shaoxing (; ) is a prefecture-level city on the southern shore of Hangzhou Bay in northeastern Zhejiang province, China. It was formerly known as Kuaiji and Shanyin and abbreviated in Chinese as (''Yuè'') from the area's former inhabitants ...
intended to control property prices had left a local project unable to
break even Break-even (or break even), often abbreviated as B/E in finance, (sometimes called point of equilibrium) is the point of balance making neither a profit nor a loss. Any number below the break-even point constitutes a loss while any number above it ...
. On 5 October 2021, developer
Fantasia Holdings Fantasia Holdings Group Company Limited () is a leading property developer in China. It operates in five segments: property development, property investment, property operation services, property agency services and hotel services. Its other op ...
missed a payment on a US$206 million bond that had matured the day before, triggering a default. Just weeks prior, the developer had assured investors it had "no liquidity issue". On 11 October 2021, developer Sinic Holdings Group Co. warned that it was unlikely to be able to pay off a US$250 million bond due on 18 October 2021. At the time of the announcement, Sinic had US$694 million of dollar bonds outstanding. In the week of 11 October 2021, Modern Land attempted to extend the maturity of a US$250 million bond on Monday and the prices of Sunac and Guangzhou R&F bonds fell sharply. On 19 October 2021, Sinic defaulted on US$246 million worth of bonds. The same day, official figures showed real estate output in China was down 1.6% in the third quarter year on year, the first time it has been negative since the start of the pandemic. On 20 October 2021, the National Bureau of Statistics of China published data indicating that home prices had fallen month-on-month for the first time since April 2015, dropping in more than half of the cities surveyed. On 27 December 2021, the People's Government of Danzhou issued a notice asking Evergrande to demolish 39 of the buildings on its Ocean Flower Island, or Haihua Island, project, which is off the coast of
Danzhou Danzhou () is a prefecture-level city in the northwest of the Chinese island province of Hainan. Although called a "city", Danzhou administers a large area which was called Dan County or Danxian () until 1993. The administrative seat and urba ...
City,
Hainan Hainan (, ; ) is the smallest and southernmost province of the People's Republic of China (PRC), consisting of various islands in the South China Sea. , the largest and most populous island in China,The island of Taiwan, which is slight ...
. The government stated that these buildings were built illegally. With an 8-square-kilometer planned area and an investment of roughly 81 billion yuan, Haihua Island would be the world's largest
artificial island An artificial island is an island that has been constructed by people rather than formed by natural means. Artificial islands may vary in size from small islets reclaimed solely to support a single pillar of a building or structure to those tha ...
. It was also Evergrande's most influential real estate project before the financial crisis. The order further undermined market confidence in Beijing's proposal to allow Evergrande to sell its assets to satisfy its debts.


Response


Chinese government

On 22 September 2021, the governments in
Zhuhai Zhuhai (, ; Yale: ''Jyūhói''), also known as Chuhai is a prefecture-level city located on the west bank of Pearl River estuary on the central coast of southern Guangdong province, People's Republic of China, on the southeastern edge of Pe ...
and
Nanshan District, Shenzhen Nanshan District ( ; Cantonese Jyutping: Naam4 Saan1 Keoi1) is one of the nine districts comprising Shenzhen. It encompasses the southwest area of the Shenzhen Special Economic Zone, with a population of 1.08 million. In 2013, the district of ...
took control of sales revenue for Evergrande's properties in a state-controlled custodial account to protect home-buyers and continue construction of the company's developments. Various provinces have been doing so since August as the developer has put hundreds of these projects on hold. On 15 October, the Chinese government commented for the first time on the Evergrande situation, blaming the company for its problems and saying that contagion to the financial system was controllable. The Chinese government is reportedly working to restructure Evergrande to resolve the crisis.


Bondholders

Off-shore bondholders hired
Kirkland & Ellis Kirkland & Ellis LLP is an American multinational law firm headquartered in Chicago, Illinois. Founded in 1909, Kirkland & Ellis is the largest law firm in the world by revenue and the seventh-largest by number of attorneys, and was the first la ...
and Moelis & Company to advise them ahead of a potential restructuring, according to the ''Financial Times''. In the second week of October 2021, they informed the bondholders that they expected an Evergrande default to be "imminent" and that the company had failed to engage with them "meaningfully".


Other companies

PwC PricewaterhouseCoopers is an international professional services brand of firms, operating as partnerships under the PwC brand. It is the second-largest professional services network in the world and is considered one of the Big Four accounting ...
declined to comment on its auditing of Evergrande during the ongoing crisis, as it is a live engagement. Nonetheless, they have received criticism for signing off on the developer's financial statements. On 7 October 2021,
Chinese Estates Holdings Chinese Estates Holdings Limited () is a major Chinese investment holding company, based in Hong Kong. Its subsidiaries are principally engaged in property investment and development, brokerage, securities investment and money lending. The compa ...
announced they would go private in order to avoid contagion from a possible Evergrande default. As concern over the state of the Chinese economy and its dependence on loans increases, Chinese banks have decreased their traditional lending activity and purchasing low-risk
financial instruments Financial instruments are monetary contracts between parties. They can be created, traded, modified and settled. They can be cash (currency), evidence of an ownership interest in an entity or a contractual right to receive or deliver in the form ...
to meet government-imposed lending quotas.


See also

*
Chinese property bubble (2005–2011) The 2005 Chinese property bubble was a real estate bubble in residential and commercial real estate in China. ''The New York Times'' reported that the bubble started to deflate in 2011, while observing increased complaints that members of the m ...
*
Financial contagion Financial contagion refers to "the spread of market disturbances mostly on the downside from one country to the other, a process observed through co-movements in exchange rates, stock prices, sovereign spreads, and capital flows". Financial contag ...


References

__FORCETOC__ {{DEFAULTSORT:2020-2022 Chinese property sector crisis Financial crises Financial scandals 2021 in China 2020s economic history 2022 in China