Liquidation of Evergrande by a Hong Kong court this week piles on the pressure for China to prop up its collapsing property market. Beijing will have to take a call on protecting foreign creditors when homebuyers have stopped purchases. Since real estate is key to the Chinese economy - where households park around three-fourths of their savings and foreign bond holders have pushed enormous credit to developers - some form of taxpayer-led rescue is inevitable. Read The Rest at :
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