The ticking time bomb of Evergrande has been making headlines for many days. The world's most indebted real estate group is saddled with more than $305 billion in debt and has issued repeated warnings that it could default. Currently, Evergrande's stock and bond prices are falling sharply, declining 90 per cent from their peak in 2020. Shareholders and 70,000 investors stand to lose almost everything as the Chinese government signalled intention to let Evergrande handle matters on its own under market mechanisms. According to CNBC , the Evergrande is threatening to push over real estate companies like a line of dominoes stretching across China while the international press is making a list of other large enterprises whose hefty debts could catch up with them after property sales and debt credit decline. The cooling of the housing market could pose a serious risk to the Chinese economy, as the real estate industry contributes nearly 30 per cent of its GDP and is one of the … [Read more...] about Vietnam’s real estate scene post-Evergrande: who will stand tall?
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With the Covid-19 outbreak deemed under control in industrial hubs of Ho Chi Minh City and its neighbors of Binh Duong, Dong Nai and Long An, all hard hit localities by the latest wave, the government early this month assessed the pandemic situation as basically under control nationwide. Accordingly it also issued regulations on safely coexisting with Covid-19. However, in recent days, new clusters have been recorded in many parts of the country. Soc Trang Province in the Mekong Delta has recorded an average of 200 cases per day while the delta’s Ca Mau Province has reported more than 700 cases since Oct. 1. Most of the cases are linked to people returning from HCMC and its neighboring localities after social distancing measures were eased early October, allowing migrant workers to flock back to their hometowns. Other delta provinces and northern localities including Hanoi, Bac Giang and Vinh Phuc have also reported infections being detected among returnees. Meanwhile, … [Read more...] about Vietnam pandemic trajectory remains unpredictable