China's economy collapsed, the CCP defaulted $ 15 trillion. Now facing economic and food crisis

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Published at : 05 Feb 2021
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China's economy collapsed, the CCP defaulted $ 15 trillion. Now facing economic and food crisis

According to S&P analysis, only 6.3% of all Chinese real estate developers rated can comply with China's Central Bank's "red limit triangle" (PBOC) on debt. because China has the ability to prepare for a record default year.
The China Morning Post (SCMP) said that the default of Chinese businesses could set a record this year when real estate developers had to guarantee the "trio of debt limits" that the PBOC had promulgate. this month, as they limit the borrower's ability to use the loan to pay off outstanding debt.
But in fact, local governments and real estate businesses have cleverly joined hands to increase the assets of their local real estate businesses to circumvent PBOC's red line. It seems that local debt risk remains out of PBOC's control (at least for now).
Chinese real estate businesses are forced to meet PBOC's 'red three limit' due to concerns about excessive debt risk
One of China's five largest real estate developers including China Evergrande Group will be banned from borrowing more money from banks behind PBOC's three red debt lines, Economic Information Daily reported.
Given the great risk of real estate developers, in August 2020, PBOC set three red limits on debt to these businesses, ensuring they would have to cut their debt ratio to Limits as of 1 February 2021: (i) the ratio of liabilities that are assets excluding advances does not exceed 70%; (ii) the net debt to equity ratio does not exceed 100%; and finally (iii) the amount of cash relative to short-term liabilities (an indicator of immediate solvency) is 1 - 1.
S&P Global Ratings director Esther Liu said: “If a real estate developer crosses all three red lines, their total debt cannot increase. This means real estate developers cannot borrow more from banks or other financial institutions if their current debts are not paid off or if their overall leverage is not improved. ".
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