China Property Market Woes Spark Fears Of 2008-Style Global Recession Led By China Slump
Portfolio Pulse from Daniel Harrison
The Chinese real estate sector is facing continued troubles, sparking fears of a potential global market rout. China Evergrande Group Limited (OTC:EGRNF) cancelled a creditor meeting due to disappointing sales, causing its shares to drop by 25%. Other property developers such as Country Garden Group Limited (OTC:CTRYF) and Longfor Group Holdings Limited (OTC:LNGPF) are also feeling the squeeze, with Country Garden's shares down 7%. The situation is drawing comparisons to the 2008 banking crisis, with concerns that it could impact global growth.
September 25, 2023 | 3:03 pm
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Country Garden Group Limited is feeling the squeeze from the troubled Chinese real estate market, with its shares down 7%.
The ongoing troubles in the Chinese real estate market are negatively impacting Country Garden, leading to a drop in its stock price.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100
NEGATIVE IMPACT
China Evergrande Group Limited cancelled a creditor meeting due to disappointing sales, causing its shares to drop by 25%.
The cancellation of the creditor meeting due to disappointing sales is a clear indication of financial troubles for China Evergrande, which is likely to negatively impact its stock price.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100
NEGATIVE IMPACT
Longfor Group Holdings Limited is also feeling the pressure from the troubled Chinese real estate market.
The ongoing troubles in the Chinese real estate market are likely to negatively impact Longfor Group, potentially leading to a drop in its stock price.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100
NEGATIVE IMPACT
Ping An Insurance Group Co is under investigation by China's regulator, adding to the concerns in the Chinese real estate market.
The investigation into Ping An Insurance by China's regulator adds to the concerns in the Chinese real estate market, which is likely to negatively impact its stock price.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100