Chinese authorities are asking local governments to prepare for the potential downfall of debt-ridden China Evergrande Group, The Wall Street Journal reported on Thursday, citing officials familiar with the discussions.
The move has been characterized as “getting ready for the possible storm” by the officials, according to the report.
The officials said local-level government agencies and state-owned enterprises have been instructed to step in only at the last minute should Evergrande fail to manage its affairs in an orderly fashion, the WSJ reported.
Local governments have been tasked with preventing unrest and mitigating the ripple effect on home buyers and the broader economy, the officials said, according to the report.
Evergrande, China’s second-biggest property developer, has $83.5 million in dollar-bond interest payments due on Thursday on a $2 billion offshore bond and a $$47.5 million-bond interest payment due next week.
Both bonds would default if Evergrande fails to settle the interest within 30 days of the scheduled payment dates.
The company, which epitomized the borrow-to-build business model, ran into trouble over the past few months as Beijing tightened rules in its property sector to rein back debt levels and speculation.
Investors are worried that a downfall could spread to creditors including banks in China and abroad.
https://www.japantimes.co.jp/news/2021/09/23/business/evergrande-downfall-preparations/
I am quite unfamiliar with this so my question may be ridiculed. I know that C has been buying up swaths of land in this country, is this the company? If so, can we buy that land back? Unfortunately, we would be helping C but ultimately taking back our land.
If someone would clarify I would appreciate it.
Read Executive Order 13848.
You mean the EO that was just extended for another year by Biden? Who’s really in charge?
Exactly
There was a time in the not so distant past when our farm economy was not doing so well and wealthy Japanese investors were buying up farmland at premium prices. There was a hue and cry in our country about how the Japanese were going to own America. In a few years, Japan’s economy slowed down and farmland started coming on the market. In a relatively short time those supposedly unsophisticated farmers who sold at a premium were buying back their farms at a discount. The lesson in this story is that a foreign investor can’t take the land home with him and that having money to buy the land doesn’t vest him with the knowledge to make that farm pay. (Farming isn’t easy and successful farmers aren’t dumb hicks just waiting to be taken advantage of by slick investors.)
Some of the most astute people I have ever met were farmers. They know more about politics and what's going on than most people do.
One of the most profound things I’ve ever heard a teacher say is; “education begins in the garden.”
The Japanese also bought a scotch distillery.
I think Smarter everyday on YouTube did a bunch of content on farmers. It was pretty eye opening to see how much science know how goes into running a farm. It's not just the hot girls driving ai controlled farm equipment for tick tocks on there.
If they default and cannot pay the county taxes on the land, the county will sell the land for back taxes. Find out where they bought land and watch for the county tax sales.
I wonder if anyone on here is aware of a site that may have kept a record. I would have my checkbook out (no that there's much in it) and ready to write just to get the land out of their filthy mitts.
We will nationalize it partial payment for their bioweapon attack on us