Evergrande, one of China’s real estate giants, just filed Chapter 15 bankruptcy.
Meanwhile, China’s HY real estate index is down a massive 82% in just over 2 years.
This puts the index back down to 2008-levels.
All while China just “unexpectedly” cut interest rates.
Is China… pic.twitter.com/p3yuIqPmxL
— The Kobeissi Letter (@KobeissiLetter) August 18, 2023
Implosion
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