The Chinese property sector has emerged as the biggest threat to the stability of the global economy, fuelling a “dramatic shift” out of emerging market stocks and into the US, according to a closely watched investor survey.
A third of fund managers named Chinese commercial real estate as the most likely source of a “systemic credit event” in the September instalment of Bank of America’s monthly poll, with the proportion more than doubling since last month to eclipse concerns over US commercial property.
The highly indebted sector, which drives about a quarter of China’s economic activity, has been stuttering since developer Evergrande defaulted on its dollar-denominated debts in late 2021.
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