China's real-estate titan is hurtling toward default. Its collapse would usher in a new China and several fresh problems for the world economy.
"My retirement savings are all in that investment. I have nothing left to live for," one woman can be heard saying in a video clip shared to Weibo.
Evergrande plans to raise $1.5 billion by selling its stake in a Chinese bank to a state-owned enterprise, the company said Wednesday.
Vanke, China Jinmao Holdings, and China Resources Land are among those that have been asked to purchase assets from Evergrande, Reuters reported.
The central bank did not explicitly mention Evergrande, though it was seen as among the most pointed signs authorities could help contain a collapse.
Subsiding contagion fears and some assistance from China has lured investors to buy the dip, one analyst said.
Bitcoin and major altcoins, as well as crypto-linked stocks, all tumbled on news that China will put a blanket ban on digital asset transactions.
"A banning of crypto possession probably would have sent everything crypto 20% lower," an analyst said.
The debt crunch of the beleaguered Chinese firm has roiled global markets in the past week and has been reignited after its Thursday deadline passed.
"The Lehman moment produced pervasive structural damage through the system," and Evergrande's debt crunch isn't the same thing, Ray Dalio said.
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