'It isn’t a Lehman moment in that they get a financial crisis, but it could be just as painful if you look at the longer-term growth,' said Kenneth Rogoff, a Harvard economist, said about Evergrande.
Kenneth Rogoff, the Harvard economist who has spent years studying financial crises and debt bubble, sees plenty of reasons to worry about the fallout from the debt travails of China Evergrande Group, one of the country’s largest property developers.
The company is feeling the pain of President Xi Jinping’s regulatory drive to address inequality and financial risks in the system by dealing with the long-simmering debt problem in its property market, which has grown aggressively thanks to easy access to capital.
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