All of it is due to Evergrande.
Just as market ignored Coronavirus in January/Feb 2020 while one by one country was shutting down, so it has been ignoring Evergrande saga up until now.
It technically defaulted on it's $300b debt and 10's of billions worth of paid for, but unfinished apartments too.
And it's not the only one. There are bunch of other developers in similar situation and with massive junk bond debts of their own.
All in all, the whole situation could quickly become cascading spiral of debt defaults.
For the context: Lehman defaulted on debt repayments and had $600b debt. Triggering GFC credit crunch.
So interesting to see how this one plays out with Chinese government appearing to be unwilling to bail out Evergrande and instead tightening the rope around it's neck.
PLS chart, page-2835
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$2.86 |
Change
0.010(0.35%) |
Mkt cap ! $8.672B | |||
| Open | High | Low | Value | Volume |
| $2.83 | $2.92 | $2.82 | $14.17M | 4.929M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 34 | 58639 | $2.86 |
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| Price($) | Vol. | No. |
|---|---|---|
| $2.87 | 69401 | 22 |
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| PLS (ASX) Chart |