{"id":471762,"date":"2021-09-16T05:43:45","date_gmt":"2021-09-16T05:43:45","guid":{"rendered":"https:\/\/uniquehot.com\/?p=471762"},"modified":"2024-06-11T06:48:59","modified_gmt":"2024-06-11T06:48:59","slug":"evergrande-default-china-bitcoin","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/evergrande-default-china-bitcoin\/","title":{"rendered":"Is Evergrande Defaulting? Is This The Reason For China\u2019s War Against Bitcoin?"},"content":{"rendered":"<p><span style=\"font-weight: 400\">The biggest property developer in China, Evergrande, seems to be on the verge of collapse. They apparently owe $300B. Is bankruptcy on the table? There\u2019s a better question, though. Is Evergrande the only company in the sector with these kinds of debts? Or is Evergrande just a symptom of a widespread disease? Also, how does this relate to Bitcoin? Do we present a valid case in the following article? Is this \u201c<\/span><i><span style=\"font-weight: 400\">China&#8217;s Lehman moment<\/span><\/i><span style=\"font-weight: 400\">,\u201d as the pseudonymous Bitcoin analyst suggests?<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-learn-to-trade-crypto-trading\/\">New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course<\/a><\/strong><\/em><\/p>\n<p><span style=\"font-weight: 400\">What we know for sure is that \u201c<\/span><i><span style=\"font-weight: 400\">China&#8217;s major banks have been notified by the housing authority that Evergrande Group won&#8217;t be able to pay loan interest due Sept. 20,<\/span><\/i><span style=\"font-weight: 400\">\u201c according to Reuters. Plan B\u2019s comment sets the tone, and the video shows the intensity of the situation:<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">China&#39;s Lehman moment. The money printing will be massive, I repeat MASSIVE! This is good for <a href=\"https:\/\/twitter.com\/hashtag\/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#bitcoin<\/a> <a href=\"https:\/\/t.co\/lAdSMhnk3L\" rel=\"nofollow\">https:\/\/t.co\/lAdSMhnk3L<\/a><\/p>\n<p>&mdash; PlanB (@100trillionUSD) <a href=\"https:\/\/twitter.com\/100trillionUSD\/status\/52678159?ref_src=twsrc%5Etfw\" rel=\"nofollow\">September 15, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400\">Check yesterday\u2019s date. Well, on September 15th, 2008, Lehman Brothers filed for bankruptcy. Let\u2019s <\/span><a href=\"https:\/\/www.investopedia.com\/articles\/economics\/09\/lehman-brothers-collapse.asp\" rel=\"nofollow\"><span style=\"font-weight: 400\">quote Investopedia<\/span><\/a><span style=\"font-weight: 400\"> for a quick recapitulation.<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400\">\u201cAt the time of its collapse, Lehman was the fourth-largest investment bank in the United States with 25,000 employees worldwide. It had $639 billion in assets and $613 billion in liabilities. The bank became a symbol of the excesses of the 2007-08 Financial Crisis, engulfed by the subprime meltdown that swept through financial markets and cost an estimated $10 trillion in lost economic output.\u201d<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">Is China living through a similar situation right this minute?<\/span><\/p>\n<h2><span style=\"font-weight: 400\">How Did China Evergrande Get Here?<\/span><\/h2>\n<p><span style=\"font-weight: 400\">A few days ago, on September 13th, the <\/span><a href=\"https:\/\/www.scmp.com\/business\/companies\/article\/3148678\/china-evergrande-turns-advisers-who-helped-fix-debt-implosions\" rel=\"nofollow\"><span style=\"font-weight: 400\">South China Morning Post<\/span><\/a><span style=\"font-weight: 400\"> seemed cautiously optimistic about the situation. They explained the root of the issue:\u00a0\u00a0<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400\">\u201cReports about missed payments to contractors, attempts to reschedule payments on wealth management products, and failure to sell assets have prompted Chinese regulators and the central bank to intervene to prevent a shock to the financial system.\u201d<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">At the time, the big news was that they hired \u201c<\/span><i><span style=\"font-weight: 400\">Houlihan Lokey and Hong Kong-based investment bank Admiralty Harbour Capital to assess its capital structure, evaluate the liquidity and explore ways to ease its current liquidity crunch.<\/span><\/i><span style=\"font-weight: 400\">\u201d And you know what that meant:<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400\">\u201cHiring such financial advisers means Evergrande has come to a serious stage of listing what it owns, what it owes and what are the best plans\u201d to extricate itself, said Lung Siu-fung, an analyst with CCB International.\u00a0<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">The writing was on the wall.<\/span><\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-471764 aligncenter\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/09\/3333_2021-09-16_02-24-12.png?resize=460%2C257\" alt=\"Evergrande price chart - TradingView\" width=\"460\" height=\"257\"><\/p>\n<pre style=\"text-align: center\">Evergrande price chart on HKEX | Source: 3333 on <a href=\"https:\/\/www.tradingview.com\/symbols\/3333\/\" rel=\"nofollow\">TradingView.com<\/a><\/pre>\n<h2><span style=\"font-weight: 400\">Where Are We Now? Is China Really In Trouble?<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Apparently, China Evergrande was caught in a loop. The company was pre-selling apartments and using that money to fund other projects, in which they also pre-sold the apartments and the cycle started again. Evergrande bonds are suspended, and there\u2019s a chance they won\u2019t be active ever again. They might be worthless. The stock is near its all-time low, it has lost nearly 80% of its value this year.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Completing the story, <\/span><a href=\"https:\/\/www.cnbc.com\/2021\/09\/15\/china-evergrande-debt-crisis-bond-default-risks-for-investors.html\" rel=\"nofollow\"><span style=\"font-weight: 400\">CNBC informs<\/span><\/a><span style=\"font-weight: 400\">:<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400\">\u201cThe company warned investors twice in as many weeks that it could default. On Tuesday, Evergrande said it\u2019s at risk of a cross default, which means such risks could spill into other related sectors.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Evergrande said Tuesday its property sales would continue to deteriorate significantly this month, adding to its severe cash flow problems.\u201d<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">Is there a possibility that Evergrande\u2019s problems are the symptom of a widespread disease? That\u2019s the $1M question. Is China&#8217;s real state sector really in trouble? For that answer, we have to go to <\/span><a href=\"https:\/\/www.zerohedge.com\/markets\/evergrande-suspends-trading-all-bonds\" rel=\"nofollow\"><span style=\"font-weight: 400\">ZeroHedge\u2019s report<\/span><\/a><span style=\"font-weight: 400\">:<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400\">\u201cCountry Garden, the nation\u2019s largest developer by sales, plunged 16% in the past two days, while Gemdale slumped 12% as a\u00a0 gauge of property shares in Shanghai tumbled almost 5% in the period, with valuations firmly below book value. Following the news, Guangzhou R&amp;F Properties drops 10.8% to the lowest since Dec. 2008 while Greentown China -9.1%. At this point, one can safely call it a crisis.\u201d<\/span><\/p><\/blockquote>\n<h2><span style=\"font-weight: 400\">How Does Evergrande Relate To Bitcoin?<\/span><\/h2>\n<p><span style=\"font-weight: 400\">China\u2019s Bitcoin policy doesn\u2019t make sense. Regulating themselves out of the leadership position in the most important industry of our times is beyond comprehension. There has to be something else going on. We at NewsBTC have been on the case. We explored<\/span><a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-hash-rate-goes-on-death-spiral-post-chinas-crackdown-on-miners\/\"><span style=\"font-weight: 400\"> the Digital Yuan CBDC<\/span><\/a><span style=\"font-weight: 400\"> angle. We looked at ads selling <\/span><a href=\"https:\/\/uniquehot.com\/news\/china-banned-bitcoin-mining-what-happens-to-small-hydropower-stations-now\/\"><span style=\"font-weight: 400\">small hydropower stations<\/span><\/a><span style=\"font-weight: 400\">. We discovered <\/span><a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/cbeci-report-chinas-hold-over-bitcoin-mining-was-waning-before-the-crackdown\/\"><span style=\"font-weight: 400\">China\u2019s dominance over the Bitcoin hashrate<\/span><\/a><span style=\"font-weight: 400\"> was waning before the ban. And we detailed <\/span><a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/the-new-china-model-banned-bitcoin-mining\/\"><span style=\"font-weight: 400\">the so-called new \u201cChina Model.<\/span><\/a><span style=\"font-weight: 400\">\u201d\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">The guaranteed outcome of fractional reserve banking: Impairment of promises. It&#39;s just a matter of when and at what magnitude. The impairment of credit will cascade to other balance sheets unless central planners debase the currency via QE, UBI, and\/or debt forgiveness.  BRRRRR<\/p>\n<p>&mdash; Preston Pysh (@PrestonPysh) <a href=\"https:\/\/twitter.com\/PrestonPysh\/status\/49842188?ref_src=twsrc%5Etfw\" rel=\"nofollow\">September 15, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400\">Under Plan B\u2019s original tweet, two comments attract attention. Investor and podcaster Preston Pysh feels that the situation is \u201c<\/span><i><span style=\"font-weight: 400\">The guaranteed outcome of fractional reserve banking: Impairment of promises. It&#8217;s just a matter of when and at what magnitude.<\/span><\/i><span style=\"font-weight: 400\">\u201d And the person behind <\/span><a href=\"https:\/\/twitter.com\/BTC_Archive\" rel=\"nofollow\"><span style=\"font-weight: 400\">Documenting Bitcoin goes conspiratorial<\/span><\/a><span style=\"font-weight: 400\"> and says, \u201c<\/span><i><span style=\"font-weight: 400\">They knew this was coming. Perhaps this is why they &#8220;banned&#8221; bitcoin.<\/span><\/i><span style=\"font-weight: 400\">\u201d That, as you might imagine, opens a huge can of worms.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-hashrate-recovered-by-68\/\">Since China\u2019s Mining Ban, Bitcoin Hashrate Has Recovered by 68% And Counting<\/a><\/strong><\/em><\/p>\n<p><span style=\"font-weight: 400\">Full of confidence, Plan B responds, \u201c<\/span><i><span style=\"font-weight: 400\">Yes, and they closed the exits, typical they always do that.<\/span><\/i><span style=\"font-weight: 400\">\u201d Bad for the people in China but, in general, bullish for Bitcoin. To recap: the government saw this coming from a distance. They knew the crisis was going to repeatedly hit the country and banned Bitcoin mining to scare the population into not buying the hardest asset ever created. Bitcoin, the true hedge against the collapse of every economy. In any case, the Chinese government will probably try to print its way out of this one. And somehow it\u2019s going to use this crisis to unveil their Digital Yuan CBDC.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Does the theory sound coherent to you? Or is there even more to this story? <\/span><\/p>\n<pre style=\"text-align: center\">Featured Image by <a href=\"https:\/\/unsplash.com\/@ly0ns?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\" rel=\"nofollow\">Li Yang<\/a> on <a href=\"https:\/\/unsplash.com\/s\/photos\/china-real-state?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\" rel=\"nofollow\">Unsplash<\/a> - Charts by <a href=\"https:\/\/www.tradingview.com\/\" rel=\"nofollow\">TradingView<\/a><\/pre>\n","protected":false},"excerpt":{"rendered":"<p>The biggest property developer in China, Evergrande, seems to be on the verge of collapse. They apparently owe $300B. Is bankruptcy on the table? There\u2019s a better question, though. Is Evergrande the only company in the sector with these kinds of debts? Or is Evergrande just a symptom of a widespread disease? Also, how does this relate to Bitcoin? Do we present a valid case in the following article? Is this \u201cChina&#8217;s Lehman moment,\u201d as the pseudonymous Bitcoin analyst suggests? Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course What we know for sure is that \u201cChina&#8217;s major banks have been notified by the housing authority that Evergrande Group won&#8217;t be able to pay loan interest due Sept. 20,\u201c according to Reuters. Plan B\u2019s comment sets the tone, and the video shows the intensity of the situation: China&#39;s Lehman moment. The money printing will be massive, I repeat MASSIVE! This is good for #bitcoin https:\/\/t.co\/lAdSMhnk3L &mdash; PlanB (@100trillionUSD) September 15, 2021 Check yesterday\u2019s date. Well, on September 15th, 2008, Lehman Brothers filed for bankruptcy. Let\u2019s quote Investopedia for a quick recapitulation. \u201cAt the time of its collapse, Lehman was the fourth-largest investment bank in the United States with 25,000 employees worldwide. It had $639 billion in assets and $613 billion in liabilities. The bank became a symbol of the excesses of the 2007-08 Financial Crisis, engulfed by the subprime meltdown that swept through financial markets and cost an estimated $10 trillion in lost economic output.\u201d Is China living through a similar situation right this minute? How Did China Evergrande Get Here? A few days ago, on September 13th, the South China Morning Post seemed cautiously optimistic about the situation. They explained the root of the issue:\u00a0\u00a0 \u201cReports about missed payments to contractors, attempts to reschedule payments on wealth management products, and failure to sell assets have prompted Chinese regulators and the central bank to intervene to prevent a shock to the financial system.\u201d At the time, the big news was that they hired \u201cHoulihan Lokey and Hong Kong-based investment bank Admiralty Harbour Capital to assess its capital structure, evaluate the liquidity and explore ways to ease its current liquidity crunch.\u201d And you know what that meant: \u201cHiring such financial advisers means Evergrande has come to a serious stage of listing what it owns, what it owes and what are the best plans\u201d to extricate itself, said Lung Siu-fung, an analyst with CCB International.\u00a0 The writing was on the wall. Evergrande price chart on HKEX | Source: 3333 on TradingView.com Where Are We Now? Is China Really In Trouble? Apparently, China Evergrande was caught in a loop. The company was pre-selling apartments and using that money to fund other projects, in which they also pre-sold the apartments and the cycle started again. Evergrande bonds are suspended, and there\u2019s a chance they won\u2019t be active ever again. They might be worthless. The stock is near its all-time low, it has lost nearly 80% of its value this year. Completing the story, CNBC informs: \u201cThe company warned investors twice in as many weeks that it could default. On Tuesday, Evergrande said it\u2019s at risk of a cross default, which means such risks could spill into other related sectors. Evergrande said Tuesday its property sales would continue to deteriorate significantly this month, adding to its severe cash flow problems.\u201d Is there a possibility that Evergrande\u2019s problems are the symptom of a widespread disease? That\u2019s the $1M question. Is China&#8217;s real state sector really in trouble? For that answer, we have to go to ZeroHedge\u2019s report: \u201cCountry Garden, the nation\u2019s largest developer by sales, plunged 16% in the past two days, while Gemdale slumped 12% as a\u00a0 gauge of property shares in Shanghai tumbled almost 5% in the period, with valuations firmly below book value. Following the news, Guangzhou R&amp;F Properties drops 10.8% to the lowest since Dec. 2008 while Greentown China -9.1%. At this point, one can safely call it a crisis.\u201d How Does Evergrande Relate To Bitcoin? China\u2019s Bitcoin policy doesn\u2019t make sense. Regulating themselves out of the leadership position in the most important industry of our times is beyond comprehension. There has to be something else going on. We at NewsBTC have been on the case. We explored the Digital Yuan CBDC angle. We looked at ads selling small hydropower stations. We discovered China\u2019s dominance over the Bitcoin hashrate was waning before the ban. And we detailed the so-called new \u201cChina Model.\u201d\u00a0 The guaranteed outcome of fractional reserve banking: Impairment of promises. It&#39;s just a matter of when and at what magnitude. The impairment of credit will cascade to other balance sheets unless central planners debase the currency via QE, UBI, and\/or debt forgiveness. BRRRRR &mdash; Preston Pysh (@PrestonPysh) September 15, 2021 Under Plan B\u2019s original tweet, two comments attract attention. Investor and podcaster Preston Pysh feels that the situation is \u201cThe guaranteed outcome of fractional reserve banking: Impairment of promises. It&#8217;s just a matter of when and at what magnitude.\u201d And the person behind Documenting Bitcoin goes conspiratorial and says, \u201cThey knew this was coming. Perhaps this is why they &#8220;banned&#8221; bitcoin.\u201d That, as you might imagine, opens a huge can of worms. Related Reading | Since China\u2019s Mining Ban, Bitcoin Hashrate Has Recovered by 68% And Counting Full of confidence, Plan B responds, \u201cYes, and they closed the exits, typical they always do that.\u201d Bad for the people in China but, in general, bullish for Bitcoin. To recap: the government saw this coming from a distance. They knew the crisis was going to repeatedly hit the country and banned Bitcoin mining to scare the population into not buying the hardest asset ever created. Bitcoin, the true hedge against the collapse of every economy. In any case, the Chinese government will probably try to print its way out of this one. And somehow it\u2019s going to use this crisis to unveil their Digital Yuan CBDC. Does the theory sound coherent to you? Or is there even more to this story? Featured Image by Li Yang on Unsplash &#8211; Charts by TradingView<\/p>\n","protected":false},"author":539,"featured_media":471763,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[14702,1310,11059,83762,84292,1368,84293,60533,84294,83794,84289,83884,84290,28113,82153,3660,84291,83953],"class_list":["post-471762","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-cbdc","tag-china","tag-china-ban","tag-china-bans-bitcoin","tag-china-bitcoin-policy","tag-cnbc","tag-country-garden","tag-digital-yuan","tag-digital-yuan-cbdc","tag-documenting-bitcoin","tag-evergrande","tag-investopedia","tag-lehman-brothers","tag-plan-b","tag-preston-pysh","tag-reuters","tag-south-china-morning-post","tag-zerohedge"],"acf":[],"yoast_head":"\n<title>Is Evergrande Defaulting? 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