Vehicles drive by unfinished residential buildings from the Evergrande Oasis, a housing complex developed by Evergrande Group, in Luoyang, China September 16, 2021.
Carlos Garcia Rawlins | Reuters
The debt problems facing China’s property sector are likely to cause a period of stagnation which affects both the domestic and global economy, according to George Magnus, economist and research associate at the China Centre at Oxford University.
Hong Kong-listed shares of Chinese real estate developer Kaisa Group Holdings were halted on Friday after news that it had missed a payment on a wealth management product. This came on the back of the protracted saga involving debt-ridden developer China…