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China Evergrande’s collapse, iron ore price drop could hurt Australia’s economy
One of China’s biggest property developers is on the brink of bankruptcy as it buckles under a staggering $A432 billion in debt and its collapse – which is seen as inevitable by some experts — will also hurt Australia’s economy. China Evergrande has trillions of assets on its books, including a Fairlyland theme park, electric car company and even a professional football team, with the company contributing 2 per cent to the country’s entire economy. While it has been holding off its demise by selling off assets, it missed yet another critical deadline last week and experts argue that the strategy won’t ... (full story)