PHOTO: Evergrande owes $300 billion dollars and is on the verge of collapse. BBC
Asian shares declined Tuesday, with Tokyo down 2 per cent as worries about heavily indebted Chinese real estate developers weighed on sentiment
On Monday, US stocks logged their biggest drop since May, with the tech-heavy Nasdaq composite sinking 2.2 per cent.
Markets were closed Tuesday in Taiwan, Shanghai and South Korea.
In Hong Kong, the Hang Seng dropped 0.5 per cent to 23,971.73 as selling of property developers slowed.
The Nikkei 225 dropped 601.48 points to 29,898.57. Australia’s S&P ASX 200 slipped 0.1 per cent to 7,244.80.
Analysts said fears the damage from a property bust in China could ripple worldwide were drawing on memories of past financial crises such as the bursting of the Japanese “bubble” economy or the 2008 sub-prime mortgage crisis.
In Japan, that catastrophe is called the Lehman crisis for the 2008 collapse of the Lehman Brothers which aggravated the situation.
READ MORE VIA TVNZ
- Abandoned land for sale
- Reserve Bank tightens LVR restrictions
- Bookabach guest takes legal action against host
- Will this set off a Global Financial Crisis? | WATCH
- Evergrande Debt Crisis: Impact on NZ Property Market – Is there a correction coming? | WATCH
- The ‘Wānaka furore’ – A bach at the Southern Lakes has never been so topical
- Thousands sign petition against massive new housing development
- Mortgage brokers seeing fewer enquiries | Tony Alexander
- 2021 REINZ Awards for Excellence
- New Zealand named in top 10 most expensive countries to buy a house in