Chinese developer Evergrande Group has suspended trading in Hong Kong.
The trading suspension comes a day after @business reported that the billionaire chairman of the beleaguered property developer had been placed under police control https://t.co/03YM9QTAs2
The Corniche is a Hong Kong luxury residential project that was supposed to generate $3.8 billion in sales.
Instead, its units aren’t selling and its Chinese developers have a combined $10 billion in debt. @ShawnaKwan reports https://t.co/yttcP2pqgX
1/🧵China income data reveal new reality of “Common Prosperity”:
- Of 1,400m people, 964m <¥2k/month ($300), 547m < ¥1k ($150), only 70m people pay tax at min taxable income ¥5k/month ($770);
- ¥18k p.a. (56th %) x 2.62 pp/Household = ¥47k/HH = $7,255/HH (4th % US HH income).
Investors in Chinese developers have until recently viewed builders that have even minority ownership stakes by state entities as relatively safe, but that calculation has been growing more complicated," writes @lorretta_chan for @markets
https://t.co/c6boxsm7AH