Tokyo | China Evergrande Group, the property developer at the centre of China’s real estate crisis, will be broken up and liquidated under a Hong Kong court order, in a move which has sent shockwaves through the country’s financial system and could ultimately weaken demand for Australian exports.
While Evergrande has a limited presence in Australia, the impact of the forced sale of assets and debt default on China’s beleaguered property sector and the broader economy had been identified by the Reserve Bank of Australia as a risk to Chinese demand for Australian goods and services.
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