Shares in troubled real estate developer China Evergrande Group and its property management unit Evergrande Property Services were suspended from trading in Hong Kong on Monday as investors awaited the next steps in the saga of its debt crisis.
Cailian, a Chinese online news service affiliated with the state-run newspaper Securities Times, said another developer, Hopson Development Holdings, was planning to acquire a majority share in Evergrande Property Services Group. More
Real estate in China has ballooned into a massive bubble that threatens to swallow not just the Chinese economy but threatens the world economic stability if it pops.
For insight into just how rigged, corrupt and crappy real estate is in China watch this video from two western insiders who have witnessed it all first hand. Here