Qbiotics, page-593

  1. 2,059 Posts.
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    Yes always something. Why ASX etc is tanking atm. Iron ore price collapse.

    The collapse of the Giant Chinese developor Evergrande took a couple of weeks, no idea why so long btw, to hit home.

    'It comes as one of China’s largest property developers China Evergrande Group - a voracious user of iron ore - edges to the brink of default on hundreds of billions of dollars of debt. The iron ore price plunge has also been blamed on China’s move to cut steel production in a bid to slow pollution'

    'It owes $US300 billion to creditors and has contracts to build as many as 1.6 million apartments, according to the New York Times'

    'Firstly, it would likely push down prices. Evergrande is the world’s largest importer of iron ore.There are also concerns Chinese investors who own Australian property could liquidate their assets to cover their losses.'

    And its not the only giant Chinese property developer in trouble

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