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The Banker Podcast
The Banker midweek | January 31, 2024
Jan 31, 2024
A discussion on the liquidation of Evergrande and its impact on the Chinese economy. The consolidation of Chinese banks and property companies and the scrutiny faced by Big Four accounting firms. The reasons behind the Credit Swiss failure and the risks of relying on national solutions. The complexity of regulatory issues in mergers and concerns about essential banking services being taken away.
18:19
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Quick takeaways
- The liquidation of Evergrande reflects the challenges faced by Chinese property developers and may result in a consolidation of major companies.
- Credit Suisse's failure raises concerns about inadequate regulations and the need for effective resolution frameworks.
Deep dives
Evergrande's Liquidation and the Impact on Chinese Property Developers
The Hong Kong court has ordered the liquidation of Evergrande, the world's most indebted property developer, marking a new phase in the company's collapse. The decision is not surprising, given that the company defaulted on its debts in 2021 and took bankruptcy protection against foreign bonds. This event reflects the wider challenges faced by Chinese property developers, such as Country Garden and Soho China, though it is not expected to have a major impact on the overall Chinese economy. It is anticipated that some of the top 100 property companies in China will be merged or consolidated, resulting in a smaller number of major companies.
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