China's real estate crisis, explained
Planet Money
00:00
The Three Red Lines: Restricting Debt for Property Developers in China
China's property market is in crisis as developers face strict debt limits. Evergrande, a major developer, amassed hundreds of billions of dollars in debt and started missing payments. Housing prices have fallen, leading to more defaults. Evergrande's founder is under investigation and the economy is at risk. China is trying to deflate the market, but the extent of the damage is uncertain. If they can't stabilize things, their economy will suffer.
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