2023-08-16 20:10:20
Youth unemployment is not the only indicator that reflects the deflation of the Chinese economy.
One of China’s largest real estate groups, Country Garden, whose astronomical indebtedness is worrying the markets, warned on Wednesday that “considerable uncertainties” weighed on its repayments.
The group, which has long been deemed financially sound, was unable to repay two interest payments on loans last week and formally risks defaulting in early September if it does not pay.
Its setbacks raise fears of a bankruptcy with immeasurable consequences for the financial system in China, two years after the descent into hell of its competitor Evergrande, which had made the headlines.
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