China: Ghost Cities and Ghost Collateral
Remember China’s ghost cities, the sprawling, mostly-empty cities built across China on credit? Well say hello to ghost collateral: Back in 2014, a scandal erupted when media reports confirmed what many had previously speculated about China’s banking system: namely that much of China’s staggering loan issuance had been built (literally) upon air and that billions … Continue reading China: Ghost Cities and Ghost Collateral
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