Troubles in the Chinese real estate market are coming in a distant third to the war in Ukraine and interest rate hikes aimed at quelling inflation.
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In an effort to stem the crisis, authorities earlier this week lowered five-year mortgage rates and one-year prime rates to allay concerns that builders have had over private financing. The pandemic has exacerbated the problems, with the government's zero-Covid policy hammering economic activity. Chinese apartment prices are, probably,"after Treasury bonds [the] most important asset class in the world. And they are declining," Chanos said."We are seeing a real real estate problem in China over the past 18 months that the government does not seem to have a handle on, and the reason that's important is that investment is still almost 50% of the Chinese economy."
Evergrande, China's second-largest property developer, has come under scrutiny for its financial dealings and"You have to understand that like Tokyo... almost every large company in China has a real estate development arm. So it's not just the developers," he said."This is endemic to the whole economy there. And I think that we ignore it at our own peril."
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