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China's banks will lose more than what US banks lost during the 2008 crisis, Hayman Capital CIO Kyle Bass said.
During FA’s 5th China Fixed Income Summit, senior directors from AXA Investment Managers, Ping An Asset Management and Fitch, discussed how confidence in both the property sector and private economy could be rebuilt in 2024.
China, the fastest-growing economy for nearly four decades, is witnessing a fall in GDP growth. The impulsive surge of residential property prices from the early 2000s ended in 2021, and prices have been on a downward spiral since then. Spillovers resulting from Chinas slowdown and deflationary cycle will have global ramifications.
Australia is tripling fees on foreign purchasers of existing homes
Ratings agency Moody's on Tuesday downgraded the outlook on China's credit rating to "negative" from "stable" on the back of rising debt in the world's second-largest economy, with Beijing saying it was "disappointed" by the move.Beijing's finance ministry said in response it was "disappointed with Moody's decision".